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Maine securities regulators took the action based upon an action by the NASD which stated that LH Ross had engaged in “a scheme to defraud investors,” operating as a “boiler room” and making material misrepresentations and omissions in connection with the offer and sale of securities. The firm has been ordered to provide more than $11 million in restitution to investors and a fine of $500,000.
Maine is one of several states that have taken action against LH Ross to prevent the firm from conducting further securities business in those states. For example, Connecticut ordered LH Ross to stop violating state securities laws, based upon the state’s finding that the firm had engaged in dishonest and unethical business practices, failures to supervise sales agents, and making unauthorized securities transactions in customer accounts.
Maine citizens who still hold securities with LH Ross may contact the Maine Office of Securities for more information about transferring their accounts. Calls should be directed to Cathy Williams at (207) 624-8552.
The Maine Office of Securities is part of the Department of Professional and Financial Regulation, which encourages sound ethical business practices through high quality, impartial and efficient regulation of insurers, financial institutions, creditors, investment providers, and numerous professions and occupations for the purpose of protecting the citizens of Maine. Consumer can reach the Office through its Web site at www.maineSecuritiesReg.org, or by calling 1-877-624-8551, or by writing the Maine Office of Securities, 121 State House Station, Augusta, Maine 04333-0121.
Last Updated: May 24, 2011
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