Complaints and Investigations
The enforcement unit of the Securities Division of the Secretary of State receives and investigates complaints from Missouri investors. These investigations involve alleged violations of the registration and antifraud provisions of the securities law. Each year the staff receives more than 300 complaints from investors.
These investigations may result in enforcement orders, administrative actions or court orders that prohibit further violations of the law. As part of civil enforcement, the secretary of state can seek civil penalties, victim restitution and an award for the state’s investor education fund. In addition, the commissioner may refer matters for criminal prosecution to local prosecutors, the attorney general, or the U.S. Attorney.
Audits by the Division
The audit unit performs unannounced examinations of broker-dealers and investment advisors to make sure that both the firms and their employees are in compliance with Missouri Securities Law.
For more information, see the answers to frequently asked questions regarding audits by the Securities Division.