legislation proposal: investor’s cease & desist orders should be public

I’m sure you’ve read recently of an investigation of investments fraud. Even though no formal charges or arrests have been made, It’s not pre-mature to consider the fact that there is no requirement for cease and desist orders to be made public. In this particular case, a cease and desist order was made back in 1996 to stop representing investors, however, the public was not informed.

The General Assembly needs to consider legislation requiring the Attorney General to make any cease and desist orders that have been given to anyone selling investment products to be a public broadcast. Also, related agencies (Department of Revenue, Consumer Affairs, US Securities Exchange Commission, etc.) should be notified. This will give our citizens the information they need when considering who they will trust with their money.

Also, Representative Joshua Putnam (R-Anderson) is introducing a companion bill in the South Carolina House. We are working over the weekend with House and Senate Attorneys and Attorney General Wilson’s Office for appropriate language.

Affected customers may contact my office at (803.212.6024), Putnam’s (803.212.6931) or Sandra Matthews at the Attorney General’s office (803.734.9916).