Colorado Division of Securities
Quarterly Industry Newsletter
July 2024
Fiscal Year 2023-2024 Examinations
The Division wrapped up the 2023-2024 fiscal year in June. Our examiners completed 110 routine exams during this period. Staff conduct exams to ensure consumers are protected, which can also help firms streamline business practices. Want to know what you can expect from an examination? See our informational web page.
Investment Adviser Representative Continuing Education Requirements
The Division wants to remind investment adviser representatives (IARs) licensed in the State of Colorado as of January 1, 2024, they must complete 12 credits of continuing education (CE) courses by
December 31, 2024. The 12 credits will include six credits of Products and Practice and six credits of Ethics and Professional Responsibility. The CE requirement became effective January 1, 2024, and applies to IARs of both state-licensed and SEC-registered investment advisers.
PLEASE NOTE: To monitor course progress, IARs must create a Financial Professional Gateway (FinPro) account. This is the only way IARs can monitor their CE requirement progress and fulfillment.
See the Division's IAR CE webpage for more details about the rule.
Military Consumer Month
July is Military Consumer Month! The Division wants to help ensure that the Nation’s heroes are financially prepared for whatever comes their way. See our printable Military Guide to Money and Investing to help military members prepare for their future.
Sanctioned Licensees
McGehee Wealth Management, Inc. (CRD # 5562429)
June 4, 2024 — Colorado Securities Commissioner Tung Chan signed an order permanently revoking the licenses of McGehee Wealth Management, Inc. and its owner, investment adviser representative James McGehee. The order comes from a 2023 examination. Division staff alleges that Respondents failed to disclose a high-risk investment strategy to clients, which was unsuitable for certain investors. For further information, please see Division Order 2024-CDS-013.
Vailshire Capital Management, LLC (CRD # 6249794)
May 28, 2024 — Colorado Securities Commissioner Tung Chan signed an order sanctioning licensed investment adviser Vailshire Capital Management, LLC and its owner, investment adviser representative Jeffrey Ross. The order comes from discoveries made during a 2023 examination. The Staff alleges that Respondents failed to disclose a high-risk investment strategy to clients and obtain adequate client suitability information. The parties didn’t admit to the allegations but agreed to voluntarily withdraw their licenses. For further information, please see Division Order 2024-CDS-006.
Cases in the News
D’MINE, INC.; Arlus Daniel Jr. | BusinessDen - June 26, 2024
McGehee Wealth Management Inc.| Denver Gazette - June 12, 2024
Syntacz, LLC; Connor Robertson | KDVR - May 23, 2024
The Bombay Group, Inc. and Marshall Miranda | BusinessDen - April 22, 2024
Fluxia Capital Management LTD; Joyce Dunbar Management & Consultancy LLC | Denver Business Journal - April 11, 2024
Have You Considered a Career as a State Securities Regulator?
Are you interested in making a difference by protecting Coloradans from securities fraud? The Division is looking for investigators and auditors to join our team!
Investigators and auditors investigate securities fraud for administrative, civil or criminal prosecution. They work together to gather evidence, interview witnesses, identify complex frauds and compile the facts in a clearly written narrative. Our open investigator position closes on July 23, 2024. Learn more and apply here. We'll post auditor positions in the near future.
Visit our careers page to stay up to date with current job openings. Interested candidates can email dora_SecuritiesWebsite@state.co.us with questions.