Below are sanctions taken against licensees. These actions include stipulation and consent orders and other orders from the commissioner or the courts.
Sanction: Staff alleged that respondents failed to pay renewal fees for more than two years and continued to charge client fees after respondents reported that they suspended advisory services. Restrictions on licenses and respondents are required to retain a compliance consultant approved by the Division for two years and issue full refunds to clients who were charged advisory fees after February 2022.
Sanction: Ordered to pay the State of Colorado $320,000. A multistate settlement alleged Respondents had gaps in supervisory procedures related to the supervision of customers moving from brokerage to advisory accounts.
Sanction: Ordered to pay $106 million in remediation to investors. A multistate settlement alleged that Vanguard failed to supervise certain registered persons and disclose potential tax consequences to investors following a change in investment minimums for certain target date retirement funds.
Sanction: Restriction on licenses and respondents are required to retain a compliance consultant approved by the Division for two years and issue full refunds to clients who were overcharged. Staff alleged that respondents failed to verify that fee calculations by third-party software were accurate, which led to overcharges of client fees.
Sanction: Restriction on licenses and respondents are required to retain a compliance consultant approved by the Division for two years. Staff alleged that respondents failed to correct deficiencies from a 2015 exam, and staff found additional deficiencies during a 2024 exam.
Sanction: Stipulated to withdrawal of licenses and not reapply in Colorado for two years. The staff alleged that Respondents violated a 2020 Order that required the Firm to correct deficiencies from its 2020 examination.
Sanction: Licenses revoked, and respondents are permanently barred from applying for a securities license in Colorado. Respondents admitted to engaging in investment adviser fraud by failing to disclose high-risk and unsuitable investment strategies involving options.
Sanction: Stipulated to a voluntary withdrawal of licenses. Staff alleged the Firm failed to disclose a high-risk investment strategy (cryptocurrency and inverse/leveraged ETFs) and collect adequate client suitability information.
