Violation Tracker Individual Record

Protege Financial & Insurance Service, Inc. et al.
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: 
Action Type: 
agency action
California Department of Financial Protection and Innovation
Civil or Criminal Case: 
Facility State: 
Source Notes: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.