TDCI Securities Division Fights Fraud with Financial Services Investigations Unit

Monday, May 02, 2016 | 04:54pm

NASHVILLE – Financial predators are experts at deception—using cunning to trick people out of their hard-earned investments. Fortunately, the Tennessee Department of Commerce & Insurance’s (TDCI) Securities Division offers Tennesseans fraud fighting assistance through its Financial Services Investigations Unit (FSIU).

“The FSIU investigates complaints involving allegations of securities and insurance fraud and other violations of the Tennessee Securities and Insurance Acts,” said TDCI Assistant Commissioner for Securities Frank Borger-Gilligan. “Common violations include: fraud, misappropriation of funds, misrepresentations, unregistered or unlicensed activity, churning of accounts, and unethical business practices. Call the Tennessee Securities Division if you think you’ve been a victim of these types of fraudulent activity.”

FSIU investigations are generally conducted privately and on a confidential basis, in part to protect the privacy of the complainant and other victims and witnesses.  As such, FSIU will not confirm or deny the existence of an investigation unless either the Tennessee Securities Division or the Tennessee Insurance Division brings an action against the person or entity involved. 

The Tennessee Securities Division is an administrative agency, and not a law enforcement agency.  The Division can seek administrative actions against individuals for violating the Tennessee Securities Act and is empowered to seek revocation or suspension of licenses, civil fines and penalties, cease and desist orders, and other forms of injunctive relief.  Additionally, the Division will refer potential criminal cases to law enforcement authorities (both state and federal) for investigation and prosecution.  In such case, FSIU will assist in the investigation to the extent requested by the law enforcement agency. 

If you suspect that you might be a victim of securities or insurance fraud, or if you would like to file a complaint or speak with an investigator, please contact the Tennessee Securities Division – Financial Services Investigations Unit at (615) 741-5900, or to file a complaint online, please visit our website.