NEW YORK FIRM SETTLES WITH STATE AUDITOR'S OFFICE OVER SALE OF UNREGISTERED SECURITIES IN MONTANA
Company ordered to offer rescission to Montana investors for losses and commissions; Pay fine to state
Helena - State Auditor and Commissioner of Securities Monica Lindeen today entered into a settlement with New York-based broker-dealer firm Strasbourger, Pearson, Tulcin, Wolff, Inc. and its Chief Executive Officer, Ronald Moschetta. The Securities Department of the Auditor's Office alleged the firm and Moschetta transacted securities business with Montana investors during the past year without being properly registered in Montana.
"Montana's citizens should be able to feel their investments are safe and the securities business they are transacting is with a reputable, licensed firm." said Lindeen. "My office will take appropriate action to ensure firms and brokers do not benefit from doing business with Montana citizens without first complying with the law."
The terms of the consent agreement include an agreement by Strasbourger, Pearson, Tulcin, Wolff, Inc. and Moschetta to offer rescission in the amount of $51,170.06, which represents realized and unrealized losses, commissions and fees to the effected Montana investors, pay a $2,000 fine to the State of Montana and contribute $1,500 to the Investor Protection Trust for the benefit of Montana investors. The firm is now properly licensed to do business in Montana.
The Investor Protection Trust provides independent, objective information needed by consumers to make informed investment decisions. Founded in 1993 as part of a multi-state settlement to resolve charges of misconduct, IPT serves as an independent source of non-commercial investor education materials. IPT operates programs under its own auspices and uses grants to underwrite important initiatives carried out by other organizations.
To learn to protect yourself and check to see if a firm and stock broker are registered in Montana, call the Montana State Auditor's Office at (800) 332-6148.