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Violation Tracker Individual Record

Company: Protege Financial & Insurance Service, Inc. et al.
Penalty: $38,200,000
Year: 2014
Date: February 25, 2014
Offense Group: financial offenses
Primary Offense: investor protection violation
Violation Description: Protege Financial, Skyline Pictures, LLC, Not Forgotten, LLC, and Windsor Pictures LLC were ordered to jointly and severally pay $23.2 million restitution and $10 million in civil penalties, plus $5 million civil penalties for which only Protege Financial was severally liable, in default judgment of allegations they engaged in a classic Ponzi scheme with deceptive sales of unqualified securities, and with Protege Financial and Saxe-Coburg Insurance Solutions LLC acting as unlicensed investment advisers. Saxe-Coburg and several individuals agreed to jointly and severally pay over $5.8 million restitution, and an additional $5.8 million severally by Saxe-Coburg, LLC, in settlement of the allegations.
Level of Government: state
Action Type: agency action
Agency: California Department of Financial Protection and Innovation
Civil or Criminal Case: civil
Facility State: California
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.