Below you'll find a list of all posts that have been categorized as “Division of Securities”
Salt Lake City, Utah – A Utah businessman was sentenced in federal court today for the second time this year after he admitted to defrauding hundreds of trusting investors throughout the United States out of $10 million in his smartphone company, SAYGUS. Chad Leon Sayers, 60, of Midvale, Utah, was sentenced to 29 months’ imprisonment, 15 of which were ordered …
Defendant spent funds on his personal mortgage, vacations, swingers clubs, luxury items and more Salt Lake City, Utah – Timothy Andrew Nemeckay, 64, of Park City, Utah, was sentenced yesterday to 12 months’ and one day imprisonment, and 24 months supervised release. In September 2023, Nemeckay admitted to wire fraud, which involved misappropriating approximately $1.7 million from investors investing in …
In light of the closure of the Securities and Exchange Commission regional office in Salt Lake City, many questions have arisen regarding what it means for Utah and the regulation of the state’s financial institutions. The SEC has been a strong partner with the Division over the years both in Salt Lake City and other regional offices. We would like …
The Division of Securities gets varying questions but the majority fall into one of two categories. Those categories are with the about filing complaints or about licensure.Here are a few of our top complaint questions and their corresponding answers.Complaints:https://securities.utah.gov/enforcement/enforcement-faqs/ Q – If I file a complaint, will the seller of the security know that I filed the complaint?A – When …
SALT LAKE CITY, Utah (Mar 8, 2022) – Utah business owner Gaylen Rust will serve 19 years in federal prison for running a $200 million, multi state Ponzi scheme. A U.S. District Court Judge sentenced Rust on Tuesday, ordering him to pay over $153 million to 568 victims spread across the United States. The judge also issued an order of …
February is Black History Month and we at the Utah Department of Commerce would like to highlight one trail blazer who has affected a couple of our Divisions in a positive way. Roy Banks, came to Utah 30 years ago and has been a positive force in its commercial activities ever since. After serving in the Navy for 5 years …
Have you wondered what the Division of Securities can do for you? A bit of historical perspective might provide a better understanding. Founded in 1919 as the Securities Commission for enforcement of Utah’s Blue Sky laws, the Utah Division of Securities now enforces the Utah Uniform Securities Act. The Act has five objectives:¬ to license broker-dealers and their agents, investment …
Security is a term used often in financial transactions. Generally speaking, a security is a tool used to generate a financial gain. Most people understand securities to be stocks and bonds and know that special laws apply to securities, but many do not realize that Utah law defines “securities” far more broadly than just stocks or bonds. A security also …
