A California insurance broker with a life agent license faced an Accusation alleging that he was barred from the securities industry for several years for violating securities laws. The Accusation also alleged that our client had been sued by other states for permitting unlicensed securities activity. Our client agreed to settle the case by paying a substantial monetary penalty.
There were two key factors in reaching a settlement:
1) Countering unproven allegations in federal and state legal documents as well as wild press accounts with the facts.
2) Willingness to pay a substantial monetary penalty.