The decision, by a Massachusetts hearing officer, was announced Friday morning. In February, after an investigation by the Secretary of State William F. Galvin, the state's Securities Division filed a case against Cohmad Securities for failing to cooperate with the state's investigation.
Cohmad Securities has also been banned from conducting any further business in Massachusetts. Its registration has been revoked.
In a media statement, Secretary Galvin said "this ruling reinforces that we do not tolerate licensed securities dealers who refuse to assist in the detection and prosecution of fraud."
by Pia Malbran