David F. Brochu— New Hampshire State Securities Regulations
David F. Brochu, Former Head of Strategic Point Investment Advisors, Ordered to Pay $1.3 Million Restitution, Fined $100,000, Following Alleged Violations of New Hampshire Regulations
David F. Brochu, the former head of Strategic Point Investment Advisors in Providence, has been fined $100,000 over violations of New Hampshire state securities regulations and also ordered to pay $1.3 million in restitution, according to according to the New Hampshire Bureau of Securities Regulation (NHBSR), a division of the New Hampshire Secretary of State
Brochu, purportedly of Wells, Maine, reportedly signed a consent order earlier this month that charges him with acts of fraud against 22 investors in a few of his companies, including Kleossum, a now-defunct firm formerly situated in Conway, N.H.
Further entangling the web, ten unnamed Rhode Island residents are amongst the investors, NHBSR reports.
David F. Brochu Allegedly Owes 22 Unnamed Investors Sums Ranging from $20,000 to $300,000
An NHBSR Consent Order names 22 unnamed investors whom are allegedly owed sums ranging from $20,000 to $300,000. Said investors, who allegedly invested from April 2011 through February 2014, hail from New Hampshire, and also from Florida and Connecticut, NHBSR reports.
Brochu is allegedly facing a spectrum of charges, ranging from misappropriation of investor funds to borrowing funds unlawfully from clients, and from unsuitable investment recommendations to“withdrawing large amounts of investor funds in cash with little to no accounting for the intended purpose”, NHBSR notes.
Finally, Brochu agreed in the aforementioned consent order to a permanent bar from issuing securities in New Hampshire and an acknowledgment that the restitution and fines are “non-dischargeable in bankruptcy.”
The Peiffer Wolf Carr & Kane Securities Lawyers Often Assist Investors
The Peiffer Wolf Carr & Kane securities lawyers assist investors who lose money as a result of unsuitable trading and violations of securities regulations. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of unsuitable trading or violations of securities regulations are encouraged to contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.