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"NEW! State Securities Regulators Launch Coordinated Review Program for Investment Advisers. The North American Securities
Administrators Association (NASAA) has developed a coordinated review program for investment advisers switching from federal
to state securities regulatory oversight as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. This
initiative provides investment advisers registering in multiple states with an easier way to navigate the switch to state
registration and gives states an opportunity to coordinate and resolve issues about potential problems with
applicants. Click
here for information on how investment advisers may register for this program.
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The Securities and Exchange Commission (SEC)
is alerting investors about a Web site that falsely claims to have recovered $1.3
billion in funds hidden by convicted Ponzi schemer Bernard Madoff in Malaysia. The
site asks Madoff victims to submit information to verify that they are on a refund
list — a ploy commonly used by con artists to further rip off financial fraud victims.
The phony Web site claims to be home to the "International Security Investor Protection
Corporation" — a fictitious entity. The "ISIPC" Web site bears a certain likeness
to the Securities Investor Protection Corporation's (SIPC) Web site, mimicking its
look, feel, and content in an attempt to achieve an aura of authenticity with Madoff
victims. The "ISPIC" Web site claims to partner with several governments including
the United States, and links to actual government Web sites to signify an affiliation.
"ISIPC" also falsely claims to be sponsored by the United Nations, the International
Monetary Fund, and the World Bank. To read the full SEC press release, click
here.
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Secretary Elaine Marshall calls on the Members of North Carolina's U.S. House of
Representatives delegation to support the Investor Protection Act provisions of
H.R. 4173, the Financial Stability Improvement Act, and to support the Frank Amendment
that would prohibit the Securities and Exchange Commission from delegating expanded
supervisory responsibilities to FINRA. To read Secretary Marshall's letter, click
here.
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Securities Division announces IARD system fee waiver. To view the full notice, please
click here.
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FINRA issues an investor alert about a scam using fake FINRA emails that promise
compensation from auction rate securities (ARS) settlements in exchange for personal
information. For more information about this "phishing" scam, please click
here. All investors are warned not to provide or confirm personal information
or account numbers in response to unsolicited requests without first verifying the
legitimacy of the person or entity requesting such information and why such information
is being requested. When conducting business online, be sure to use a secure website
or encryption software.
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State securities regulators continue to see fraud and abuse in the life settlement
market. For more information, click
here
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Important information concerning the Investigation of R. Allen Stanford and Stanford
International Bank can be found here.
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Important information concerning the Securities Division's investigation of J.V.
Huffman, Jr., and Biltmore Financial Group, Inc. (BFGI), can be found
here.
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The Securities Division of the North Carolina Department of the Secretary of State
is working with AARP on a new initiative designed to give individuals an opportunity
to fight back against unscrupulous promoters by reporting possibilities of questionable
investment practices in their communities to the Securities Division for investigation.
To learn how you can become a Free Lunch Seminar Monitor, click
here
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*Disclaimer: In its on-going effort to bring the latest investor education information
to the citizens of North Carolina, the Securities Division is pleased to provide
the Investor Protection News Feed compiled by the Securities Law Clinic of the Cornell
University School of Law. This information is provided for educational use only.
The Secretary of State does not certify the authenticity of information herein that
originates from third parties. The Secretary of State shall under no circumstances
be liable for any actions taken or omissions made in reliance on any information
contained herein or for any other consequences of any such reliance.
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Important information about a coordinated investigation of auction-rate securities
(ARS). Click here for more information. Anyone who
is affected should contact the NC Securities Division at (800) 688-4507.
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On May 6, 2008, sentences were handed down in federal court to MICHAEL A. LOMAS,
SCOTT B. HOLLENBECK, LAURINDA HOLOHAN, SUSAN KNIGHT, and ARTHUR J.
ANDERSON, JR., for their involvement in the Mobile Billboards case.
Click here for an important update in this case.
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On May 29, 2007, the U.S. Attorney for the Eastern District of North Carolina announced
an eighteen-count Indictment charging seven individuals nationwide with what the
Indictment alleges was "an extensive scheme to defraud individuals seeking financially
secure retirements out of approximately seventy million dollars." The Indictment
alleges that the seven defendants participated in a scheme to sell purported investments
in "Mobile Billboards of America, Inc." Investigation of the case was conducted
by the Federal Bureau of Investigation and the North Carolina Department of the
Secretary of State, Securities Division. To read the full press release, click
here.
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Secretary of State Elaine F. Marshall has written to each
member of North Carolina's congressional delegation urging each to support a pro-investor
legislative agenda during the 110th Congress. Click
here
to read Secretary Marshall's letter.
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The North American Securities Administrators Association (NASAA) has prepared a
new investor education podcast series entitled The Alert Investor. To hear these
short, educational podcasts on your computer or on your MP3 player, click on the
podcast icon and follow the instructions on the page
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Click here for help downloading forms.
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Information
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Secretary of State Elaine F. Marshall and Insurance Commissioner Jim Long have sent
a letter to all registered insurance licensees advising them that the sale of most
non-insurance investments are considered securities under State law. Both the seller
of these investment products and the investment products themselves must be registered
with the Securities Division or else the seller may face criminal and/or civil penalties.
To view a copy of their letter, click
here.
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Click here for help downloading forms.
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Archives
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The following documents may contain technical information that is
no longer timely, and are included for reference only.
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Click here for help downloading forms.
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Click here to download Securities forms.
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