Pennsylvania Investment Firm Investigated, Agrees To Pay $5K
A Canonsburg investment firm has voluntarily entered into a consent agreement after an investigation by the state Bureau of Securities Compliance and Examinations.Peter Elish Investments Securities, 169 E. Pike St., will pay $5,000 for investigative and legal costs in lieu of litigation for allegedly operating in violation of the state Securities Act of 1972. The consent agreement and order states Elish does not admit or deny the allegations.According to court documents filed March 29 in state court, Elish "failed to reasonably supervise its agents."The filing reads, the "broker-dealer failed to maintain and enforce its written supervisory procedures in various ways."The state Department of Banking and Securities bureau started the investigation in March 2016.According to the bureau, Elish's written procedures were "disorganized" and failed to keep informed of changes to Financial Industry Regulatory Authority rules.FINRA is a private corporation that regulates the broker-dealer industry for the U.S. government.Court documents state Elish failed to comply with rules regarding the supervision of outside business activities, failed to ensure materials remained current and accurate, and failed to provide for the review of incoming electronic correspondence." Registered representatives' emails were deficient in allowing the use of personal email accounts without having a system in place reasonably designed to detect and prevent violations of the 1972 Act and FINRA rule," the bureau alleges.Elish has been in operation since 1989. Elish was contacted by phone Thursday. He first requested a call back, but subsequent calls went unanswered.
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