|
Massachusetts Securities Regulators Issue Subpoenas to QA3 Financial Corp., National Securities Corp., CapWest Securities Inc., Independent Financial Group LLC, Investors Capital Corp. and Centaurus Financial Inc.
The Massachusetts Securities Division is requesting information on due-diligence efforts, suitability data and promotional materials related to the sale of private placements marketed by Medical Capital Holdings Inc. and Provident Royalities LLC, according to the statement.
The agency alleged that Securities America advisers sold $7.2 million in promissory notes to Massachusetts investors without disclosing all the risks involved. That case is pending.
Medical Capital and Provident issued billions in notes and other securities sold by a number of broker-dealers.
“It also has become apparent that Securities America Inc. was not the only broker-dealers selling these” private placements, according to the statement. |
