Trends and Priorities T OM B RADY Director, Utah Division of - - PowerPoint PPT Presentation
Trends and Priorities T OM B RADY Director, Utah Division of Securities www.securities.utah.gov 801-530-6600 Mission 1.Create a level playing field in the industry 2.Ensure minimum standards of competence, training, and fair dealing
TOM BRADY
Director, Utah Division of Securities www.securities.utah.gov 801-530-6600
1.Create a level playing field in the industry 2.Ensure minimum standards of competence, training, and fair dealing 3.Protect and educate Utah investors
Utah C Code 6 61-1-19. Investigati tions auth thorized. (1)(a) The division may make any public or private investigations within or without this state as the division considers necessary to determine whether a person has violated, is violating, or is about to violate this chapter or a rule or order issued under this chapter.
Utah C Code 6 61-1-31. Determining a amount o
For the purpose of determining the amount of a fine imposed under this chapter, the commission or court shall consider the following factors: (3)(a) the cooperation by the person in any inquiry conducted by the division concerning the violation.
Complaints 50 100 150 200 250 FY2009-FY2012 average FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
225 164 110 109 91 124 173
New C w Complaints
Complaints 10 20 30 40 50 60 70 FY2009-FY2012 average FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
62 44 39 51 33 48 57
New I Investigations
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000
Imposed Collected
$1,157,254 $36,640
Restitution
That’s a as g good as money , y , Sir. T Thos
are I e IOU OU’s.
Paying back old investors with Paying back old investors with new i investor funds Little or no legitimate business Little or no legitimate business revenue Pressure to roll money over and Pressure to roll money over and in invest it it
Utah r rare c e coin dealer er a accused sed of r runni unning mul ultimillion- dollar P Ponzi nzi schem heme
Red F Flags
High r h ret etur urn w n with l h little o e or no risk Overly c consisten ent r ret etur urns ns Unregister ered i ed inves estmen ents Unl Unlicensed ed s sel eller er Secret etive a e and/ d/or c complex Problem ems w with p h pape perwork Difficul culty r receiving ng p paymen ents
Check ck b before y you invest Nothi hing ng is g guaranteed eed High r h ret etur urns c ns carry h high r h risk Get it i in w wri ritin ing Don’t n’t be be pr pressu ssured ed
l assets ts
virtual c l coi
token
xist o
inter ernet
Red F Flags
Prop
prod
to
rt i into
us met etals Secret et m mining ng o
ns Will s stor
the m metal f for
“Safe i inves estmen ent” ev even g n gold h has r risks.
Not for everyone Not for everyone Make sure they are suitable for Make sure they are suitable for your f financial n needs Regulated by Utah Insurance Regulated by Utah Insurance Department
Live longer Providers Teachers Care givers
Grace period is over Not just a best practice Stronger enforcement
Sell what you’re licensed to sell Do your due diligence Caveat Venditor
TOM BRADY Director, Utah Division of Securities www.securities.utah.gov 801-530-6600