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Securities Administrative Orders Issued

The following orders were issued by the Division pursuant to Wis. Stat. §551.605 with respect to various professional registration and securities filing requirements under the Wisconsin Uniform Securities Law and may modify or supplement the requirements of Chapter 551. For orders relating to enforcement matters, see below.

COVID-19 Orders

Adobe PDF Document Emergency Order for Registrants Affected by the COVID-19 Outbreak (Issued March 20, 2020)

Crowdfunding Orders

Adobe PDF Document Order Permitting Certain Advertising under Wis. Stat. §551.202(27)

Adobe PDF Document Order Regarding Periodic Reporting

Adobe PDF Document Order Regarding Commissions

Exemption Orders

Adobe PDF Document Order Designating Nationally Recognized Securities Manual

Adobe PDF Document Private Fund Adviser Exemption Order

Professional Registration Orders

Adobe PDF Document Order Requiring Compliance with New FINRA Examination Requirements

Reg A Orders

Adobe PDF Document Order Regarding Regulation A Tier 2 Notice Filing

Reg D Orders

Adobe PDF Document Reg D Delinquent Filing Order

Enforcement Orders

The following orders were issued by the Division to enforce various provisions of the Wisconsin Uniform Securities Law as found in Chapter 551. Signed copies of Petitions for Order and Orders associated with the following persons or entities are available in the PDF format.

See Links to Archives below

 

Christopher L. Leach – Case No. S-238505 (EX) – a Summary Order to Cease and Desist, Revoking Exemptions and Imposing Restitution with Interest and Civil Penalties was issued against Christopher L. Leach for the following violations:

  • Leach violated Wis. Stat. § 551.505 when he made or caused to be made in a record that is used in an action or proceeding or filed under this chapter, one or more statements that, at the time and in the light of the circumstances under which they were made, were false or misleading in a material respect, or, in connection with the statements, omitted to state a material fact necessary to make the statements made, in the light of the circumstances under which they were made, not false or misleading.
  • Leach violated Wis. Stat. § 551.501(2) when in connection with the offer, sale, or purchase of securities, he made untrue statements of material fact and omitted to state material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

Order issued February 10, 2021

 

Daniel C. Cunningham & PV Wealth Advisors, LLC– Case No. S-238505 (EX) – a Summary Order to Cease and Desist, Revoking Exemptions and Imposing Restitution with Interest and Civil Penalties was issued against Daniel C. Cunningham and PV Wealth Advisors, LLC for the following violations:

  • Cunningham violated Wis. Stat. § 551.501(2) when in connection with the offer, sale, or purchase of securities, he made untrue statements of material fact and omitted to state material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

Order issued February 10, 2021

 

FX-Bittrade and Frederick Smith– Case No. S-242022 (EX) – a Summary Order to Cease and Desist was issued against FX-Bittrade and Frederick Smith for the following violations:

  • Smith and FX-Bittrade violated Wis. Stat. § 551.301 when they offered and sold securities in Wisconsin without those securities being registered or exempted from registration.
  • Smith and FX-Bittrade violated Wis. Stat. § 551.401(1) when they transacted business as a broker-dealer in Wisconsin without being registered or exempted from registration under Ch. 551.
  • Smith and FX-Bittrade violated Wis. Stat. § 551.501(2) when they offered and sold securities while misrepresenting to investors that FX-Bittrade was affiliated with PayPal when in fact, it had no relationship with PayPal.

Order issued January 27, 2021

 

Michael F. Shillin & Shillin Wealth Management, LLC– Case No. S-242215 (LX) – a Summary Order to Cease and Desist, Revoking Exemptions and Barring Registration was issued against Michael F. Shillin & Shillin Wealth Management, LLC for the following violations:

  • Shillin engaged in dishonest or unethical practices in the insurance and securities businesses in violation of Wis. Stat. §§ 551.412(4)(m) and 551.412(4r).
  • Shillin is subject to discipline pursuant to Wis. Stat. § 551.412(4)(e)3 because he was barred by FINRA from associating with any member firms in any capacity on December 18, 2020.
  • Shillin is subject to discipline pursuant to Wis. Stat. § 551.412(4)(L) because he was ordered to cease and desist from all activities of an insurance intermediary by OCI effective December 21, 2020.
  • Shillin was in violation of Wis. Stat. § 551.501(2), when he, in connection with the offer, sale or purchase of a security, directly or indirectly, omitted to state material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading, including the failure to inform potential investors of Megahoot about the disciplinary actions taken against him by FINRA and OCI and the current investigation by the Division.

Order issued January 22, 2021

 

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