TDCI’s Securities Division Takes Action on Behalf of Tennessee Consumers
NASHVILLE – The Tennessee Department of Commerce & Insurance’s (TDCI) Securities Division has recently taken two disciplinary actions on behalf of protecting Tennessee consumers.
“Securities laws are in place to protect the public, and any violations of federal or state investment laws won’t be tolerated in Tennessee,” said TDCI Assistant Commissioner Frank Borger-Gilligan. “Consumers who suspect they’re being scammed should contact our team before they give any of their hard-earned money or any of their valuable personal information to someone they don’t know or trust.”
The Department’s actions include:
- The broker-dealer registration of Eads, Tenn. resident John S. Jumper has been revoked by the Department. Jumper, who is the former chief executive officer, chief financial officer, and chief compliance officer for Alluvion Securities, LLC, was a member of the Financial Industry Regulatory Authority, Inc. (FINRA). In January 2017, FINRA requested Jumper appear and provide on-the-record testimony as part of an investigation that FINRA was conducting. Jumper appeared, but refused to provide his complete testimony. As a result of his refusal, FINRA permanently barred Jumper from association with any member-firm, in any capacity. Jumper’s permanent bar, entered by a national securities association registered under the Securities Exchange Act of 1934, constitutes grounds for the revocation of his registration pursuant to TCA 48-1-112(a)(2)(F)(i)(b).
- The Department has recently ordered the British Virgin Island-based OptInvestments.com, Nicosia, Cyprus-based VIP Binary and Charge XP Investments as well as an entity called Hellomarkets and a person named George Levynsky to cease and desist all activity in Tennessee. Between 2015 and 2016, Levynsky and representatives of these entities had investment contracts totalling at least $191,000 with at least one Tennessee investor. The companies had been selling securities in although none disclosed that they were not registered to operate here and defrauded an investor.
Consumers can learn more about binary options, the proliferation of online binary option platforms and investor complaints here. Consumers who suspect they might be a victim of securities or insurance fraud should contact the Tennessee Securities Division – Financial Services Investigations Unit at (615) 741-5900. To file a complaint online, visit https://tn.gov/commerce/article/securities-file-a-complaint.