California Department of Corporations Forbids Unlicensed Investment Advisor Selling Securities to Unsuspecting Investors.SACRAMENTO, Calif. -- The California Department of Corporations issued a desist and refrain order to a San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden based company that has been offering and selling securities without a valid license, the Department announced today. In addition, the Department issued orders to levy administrative penalties, seek refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies of customer monies, and require the company and individual to discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: violating the California law California Law consists of 29 codes, covering various subject areas, the State Constitution and Statutes. See also
The Department revoked Shemano Capital Management's and Gary Shemano's investment adviser certificate on February 15, 2002 for, among other things, failing to maintain accurate and current books and records and failing to pay the investment adviser renewal fee. Following an exam on an affiliated broker-dealer, The Shemano Group, the Department learned that Shemano Capital Management and Gary Shemano continued to operate as an unlicensed investment adviser. The Department issued further orders to Shemano Capital Management and Gary Shemano levying administrative penalties and ordering them to discontinue violations of the California Corporations Code on October 22, 2004. Shemano Capital Management and Gary Shemano have 30 days after the orders were filed to request an administrative hearing administrative hearing n. a hearing before any governmental agency or before an administrative law judge. Such hearings can range from simple arguments to what amounts to a trial. There is no jury, but the agency or the administrative law judge will make a ruling. to challenge the orders. The Department seeks to return funds received by Shemano Capital Management and Gary Shemano to clients and/or investors. The administrative penalties sought below from Shemano Capital Management and Gary Shemano are for the period of 2002 to 2004, the time they operated as an unlicensed investment adviser: --Restitution in the amount of at least $50,952 and interest in the amount of at least $87,253; --Disgorgement of management fees in the amount of at least $7,865; and --Recovery costs, investigative expenses and attorney's fees attorney's fee n. the payment for legal services. It can take several forms: 1) hourly charge, 2) flat fee for the performance of a particular service (like $250 to write a will), 3) contingent fee (such as one-third of the gross recovery, and nothing if there is no in the amount of at least $15,000. The Department of Corporations is California's Investment and Financing Authority, reporting to the Business, Transportation and Housing Agency and the Governor. The Department is responsible for the regulation, enforcement and licensing of securities, franchises, off-exchange commodities, investment and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, see the Department's Web site at www.corp.ca.gov or call 1-866-ASK-CORP (1-866-275-2677). |
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