Michael Pieciak named new DFR commissioner

Michael PieciakGov. Peter Shumlin has appointed Michael Pieciak commissioner of the Department of Financial Regulation. He replaces Susan Donegan who left the department last month.

DFR settles administrative enforcement with Raymond James for $5.95 million

The Department of Financial Regulation has reached a $5.95 million settlement with the securities broker-dealer firm Raymond James and Associates Inc.
Commissioner Susan L. Donegan announced today, June 30, 2016, that department conducted an investigation that revealed multiple instances of non-compliance regarding the sales of interest in the Jay Peak EB-5 projects.

Fraud of the Week

Damaged Products Fraud – Massachusetts

Amount: $220,876

A Massachusetts man was sentenced to fifteen months in prison followed by three years of supervised release for filing ten false insurance claims for product shipments he claimed had been lost en route, stolen, or arrived spoiled, frozen, or otherwise unusable. 

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