Complaints & Enforcement Overview

The Division of Securities investigates complaints relating to alleged violations of the state securities and franchise investment laws. Reporting problems quickly to the Division provides a better chance of resolving them. Frequently, it is through inquiries and complaints from individuals that serious violations are detected.

Through its Licensing and Compliance Section or its Enforcement Unit, the Division can:

Tell you whether a securities offering has been filed for registration or exemption and whether a broker-dealer, securities agent, investment adviser, or investment adviser representative is licensed.
Inform you about the disciplinary history, if any, of a broker-dealer, securities agent, investment adviser, or investment adviser representative.
Answer questions concerning your rights and responsibilities when dealing with a broker-dealer, securities agent, investment adviser, or investment adviser representative, or with an issuer of securities which has offered and sold securities directly to you.
Investigate problems with your brokerage account, questionable sales practices, telephone solicitations, and allegations of fraud and misrepresentation.
Tell you whether a franchise offering has been filed for registration.

So that you will better understand the scope of the Division's authority, please review the following information.

What we can do:

The Division investigates possible violations of the Wisconsin Uniform Securities Law and the Wisconsin Franchise Investment Law. We investigate complaints involving persons and business entities alleged to have violated licensing, registration, or anti-fraud provisions of these two Laws. The Division has the authority to bring an administrative action (for example, issuing an order prohibiting further violations, revoking registration exemptions, or suspending or revoking a person’s or firm’s securities license). In appropriate cases, the Division may refer matters for criminal prosecution. If the Division finds that it is unable to assist you, we will try to determine whether another agency can help you.

What we cannot do:

The Division is authorized to investigate and take appropriate enforcement action with respect to violations of law which fall within our jurisdiction. We cannot order that your money be refunded, cancel any agreement or contract, give legal advice, act as your attorney, or act as a court of law. However, it is true that in some cases persons and firms we have investigated have decided to offer to rescind the transactions in question or otherwise compensate the complainants.

In addition, because our jurisdiction is limited to the offers and sales of securities and franchises, the Division has no authority or control over how a private business company conducts its internal business affairs. For example, we cannot require a company to provide you with financial statements, reports, or updates, or to hold a shareholder meeting. If you object to the way the business is being run, your personal attorney can advise you on whether to proceed with a private lawsuit.

What you can do:

The Division has three sources of information that may help you should a dispute arise.