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 Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.