The Idaho Finance Department has fined or imposed sanctions against several securities firms headquartered in Idaho, Utah, Wisconsin, California, New York and Pennsylvania.
The firms were fined a total of $13,277 and the penalties range from probation, suspension and denial of license to repayment to investors, said Belton J. Patty, director of the Idaho Finance Department.Patty said Wednesday the sanctions generally result from allegations of selling unregistered securities or sales by unlicensed sales representatives in Idaho.
The department took action against Dennis Cornwall, doing business as Provident Investment Services of Boise, Laurel Pipeline Partners LTD. and John R. Martinson of Sun Valley, Idaho, and Alpine Securities Corp. of Salt Lake City.
Patty said sanctions or penalties were also levied against Thomson McKinnon Securities Inc. of New York, Dean Witter of New York, Consolidated Asset Management Fund of Valley Forge, Pa., Nicholas II Inc. of Milwaukee, Financial Network Investment Corp. of Torrance, Calif., and Camino Venture II and JCW Inc. of San Jose, Calif.
Patty also said Fitzgerald DeArmen & Roberts Inc., a Tulsa, Okla., broker-dealer sued by the department June 2, suspended its business in late June.