Corporations Commissioner Seeks to Revoke Florida-Based Securities Broker and Bar Owners.LOS ANGELES--(BUSINESS WIRE)--Sept. 12, 1997--Commissioner of Corporations Keith Paul Bishop You may also be looking for Paul Bishop (actor) Paul Bishop is an author. He currently lives in Los Angeles, California. He worked on the Los Angeles Police Department before becoming a writer. Friday announced that he has initiated an action to revoke the broker-dealer license of Florida-based Biltmore Securities Inc. and bar its principals Elliot Loewenstern and Richard Bronson from the securities industry in California. In the action, the commissioner alleges that the company and the individuals have been the subject of disciplinary orders by the Securities and Exchange Commission and the states of Arkansas and Indiana alleging dishonest and unethical practices, cold calling investors and engaging in high pressure sales tactics, failure to supervise and fraud leading to censures, suspensions, disgorgement Disgorgement A repayment of ill-gotten gains that is imposed on wrongdoers by the courts. Funds that were received through illegal or unethical business transactions are disgorged, or paid back, with interest to those affected by the action. , fines and restrictions on their license. "We are making it a priority to closely monitor the securities industry in this state, and we intent to move aggressively to keep problem companies and individuals out of the California investment marketplace to the extent that the law allows us to do so," Bishop stated. "The allegations against this company and these individuals by the SEC and the securities divisions in Indiana and Arkansas are extremely serious, and we think they disqualify To deprive of eligibility or render unfit; to disable or incapacitate. To be disqualified is to be stripped of legal capacity. A wife would be disqualified as a juror in her husband's trial for murder due to the nature of their relationship. them from being in the securities business in this state." Biltmore was licensed as a broker-dealer in California in 1990, and opened a branch office in Century City in April 1997. It has headquarters in Fort Lauderdale Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla., and lists Loewenstern and Bronson as "officers, principals and owners." The charges by the SEC and the two other states began in 1995 and continued into July 1997. In addition, the licensing and disciplinary database for the securities industry shows a large number of investor complaints against the company. Bishop stated: "The integrity of the securities marketplace in California depends upon the public confidence that the licensed companies and individuals will treat them fairly and honestly and give them value for their investment dollars. We intent to make sure that the brokers and agents who have shown that they don't intend to play by the rules don't get a foothold in this state." The Department of Corporations is a licensing and regulatory agency regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. which reports to the Business, Transportation and Housing Agency and to Gov. Pete Wilson For others named Pete Wilson, see . Peter Barton Wilson (born August 23, 1933) is an American Republican politician from California. Wilson served as the thirty-sixth Governor of California (1991–1999), the culmination of more than three decades in the public arena that . CONTACT: Department of Corporations, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. G.W. McDonald, 213/736-3704 213/736-2117 (fax) or Julie Stewart Julie A. Stewart is a Canadian actress. Julie Stewart studied acting in Montreal at the National Theatre School of Canada and now makes her home in Toronto. She was the star of the Canadian television series Cold Squad. , 916/323-5485 916/323-5440 (fax) |
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