Licensing and Regulatory Affairs
Media Contact: LARA Communications 517-373-9280
October 17, 2017 - LARA’s Corporations, Securities & Commercial Licensing Bureau (CSCL) issued an Order to Cease and Desist, an Order Summarily Suspending and a Notice of Intent
to Revoke the Investment Adviser Representative Registration of Jason K. Bescoe and the Investment Adviser Registration of his firm, Research Money Management, LLC (RMM), in Grand Blanc.
“All investment advisers in Michigan must operate lawfully and in the best interests of their clients. Advisers that operate unlawfully face discipline when unlawful activities are uncovered by Bureau investigators,” said CSCL Director Julia Dale. “Our bureau continues to take strong regulatory actions to protect the public.”
The Michigan Uniform Securities Act (2002), 2008 PA 551, as amended, authorizes the revocation of a registration if doing so is in the public interest.
A CSCL investigation found evidence that Bescoe failed to update his registration application as required by the Securities Act and his Conditional Registration Order; engaged in fraud in the provision of investment advice; unlawfully accepted custody of client funds and securities; and, made multiple and repeated false statements to CSCL in registration documents and required quarterly reports.
The orders indicate that the Michigan Securities Administrator intends to impose a total of $2,000,000 in civil fines against Bescoe and Research Money Management, LLC for the violations alleged in the Notices and Orders to Cease and Desist and the Notices of Intent to Revoke Investment Adviser and Investment Adviser Representative Registrations. The orders also notify the respondents of the right to request a hearing within 30 days.
A person who willfully violates the Michigan Uniform Securities Act or an order issued under that Act is guilty of a felony punishable by imprisonment for not more than 10 years or a fine of not more than $500,000 for each violation, or both.
Before entering into an investment, Michigan consumers are encouraged to contact CSCL and the bureau can run a registration check on any investment adviser, broker-dealer, professional, or product. CSCL can be reached at 517-241-6345 or online at: www.michigan.gov/securities. Investors are reminded that there is no replacement for their own due diligence.
Securities orders, once issued, entered and served, can now be found online here.
For more information about LARA, please visitwww.michigan.gov/lara.
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