About the Division of Securities
The Division of Securities exists to protect investors and maintain confidence in the securities market, while avoiding unreasonable burdens on the marketplace by licensing securities professionals, enforcing securities law violations, and helping Coloradans become more informed investors.
Commissioner Tung Chan
Recently, the Division of Securities welcomed a new Commissioner, Tung Chan. Commissioner Chan brings a wealth of knowledge, experience, and legal expertise. She began her practice as a securities and corporate attorney with an international law firm in New York City. In private practice, she has advised private and public Fortune 100 companies in securities, finance, corporate governance, regulatory, and international matters. She also served as Securities Commissioner for the State of Hawaii from 2006-2015. Recently, Commissioner Chan has been general counsel for blockchain startups including the Ethereum Foundation at the launch of its genesis block. Commissioner Chan is a graduate of Dartmouth College and the University of Michigan Law School and clerked for the U.S. Court of Appeals for the 10th Circuit.
Deputy Commissioner David Cheval
Dave Cheval is the Deputy Securities Commissioner at the Colorado Division of Securities. Prior to joining the Division, he spent six years working as an administrative law judge at the Colorado Office of Administrative Courts where he adjudicated cases brought by a variety of state agencies, including the Division of Securities. Dave previously worked as a Deputy District Attorney in Boulder, Colorado, and an Assistant Attorney General at the Colorado Department of Law. Following law school, Dave clerked for United States District Court Judge Frederick P. Stamp, Jr. in the Northern District of West Virginia. Prior to attending law school, Dave spent 20 years working in the securities industry. He was a member of the Chicago Board of Trade and licensed as a floor broker, a commodity pool operator, and a commodity trading adviser.
About the Enforcement Section
The Division’s enforcement section conducts investigations into possible violations of the Colorado Securities Act and Rules and the Colorado Commodity Code. Investigations generally focus on companies and individuals offering or selling securities and those providing financial guidance or advice, with a particular focus on senior exploitation and fraud. Appropriate cases are referred to the Colorado Attorney General for civil or administrative actions or to federal, state or local prosecutors for criminal proceedings.
The Division conducts examinations and interviews to ensure compliance with laws and regulations. The examination sections' staff licenses and regulates securities broker-dealers, agents, investment advisers, and investment adviser representatives. A significant portion of the section's regulatory focus involves conducting books and records examinations on state-licensed investment adviser firms (generally those that manage less than $100 million). In addition, the examination section regulates individual securities through the acceptance of registration and exemption filings.
Investor Education Section
The securities industry can be complex. There are no guarantees on returns in this industry. The best way for investors to protect themselves is to ask questions and do research. In order to promote smart investing in Colorado, the Division promotes financial literacy to all of its stakeholders by providing presentations and free information to Coloradans. In the upcoming year, our Division will be expanding our investor education program and focus on protecting senior populations, military, and their families, general financial literacy, and protecting investors from affinity fraud. Our website includes literature, resources for investors, consumer alerts, press releases, events, and presentations. We welcome partnerships with non-profits and other organizations that focus on investor education.