Page 13 - 2013_2014 NASAA report

NASAA Member Activity | U.S.
NASAA Activity Report 13-14.indd
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Montana Securities Department
In 2013, the Department introduced a bill, successfully lobbied the Legislature, and
obtained a designated income stream for the states Securities Restitution Assistance
Fund, one of only a few ofered in the nation to help victims of securities fraud recover
losses that otherwise are unrecoverable. Now, part of the fees paid by investment
companies that previously had gone to the state general fund is being placed in
the restitution fund to ensure adequate funding for victims requests. In 2013, the
department received applications from 37 victims and paid out restitution assistance
totalling $317,207.50. More than 75 percent of the victims were over the age of 70.
Nebraska Bureau of Securities
Nebraska celebrated its 100th year of securities regulation. During this centennial year,
the Bureau saw a record number of agent and RIA applicants and made signifcant
progress with its Citizenship Verifcation initiative. Notably, the Bureau saw the
expansion of its staf with the hiring of four new employees the next generation of
securities regulators in Nebraska.
Nevada Securities Division
Te Division strives to ensure the integrity of the securities marketplace through
investigative actions as well as the registration and/or oversight of securities, securities
dealers and brokers, investment advisors and their representatives; to enhance legitimate
capital formation; and to minimize the burden and expense of regulatory compliance by
legitimate businesses. In 2013, a Division investigation led to a 10-year prison sentence
for a Reno attorney who fraudulently swindled eight victims out of more than $1 million
in part through a speculative energy investment scheme.
New Hampshire Bureau of Securities Regulation
Te Bureau conducted a successful public service announcement campaign to raise
awareness about investment fraud. Te PSA series, entitled I m a Con Man, was created
by fellow NASAA member state New Mexico, which authorized its adaptation by New
Hampshire and other NASAA members. Te efectiveness of the PSAs was evident from
the number of calls to the Bureau. Tey ranged from requests for investor education
materials to inquiries regarding the licensing and registration status of registered
representatives to questions about current products being ofered. Tis campaign
demonstrated once again how the willingness of the states to collaborate helps make
NASAA strong.
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