You are here:   

Securities Administrative Orders Issued

The following orders were issued by the Division pursuant to Wis. Stat. §551.605 with respect to various securities filing requirements under the Wisconsin Uniform Securities Law and may modify or supplement the requirements of Chapter 551. For orders relating to enforcement matters, see below.

Crowdfunding Orders

Adobe PDF Document Order Regarding Periodic Reporting

Adobe PDF Document Order Regarding Commissions

Exemption Orders

Adobe PDF Document Order Designating Nationally Recognized Securities Manual

Adobe PDF Document Private Fund Adviser Exemption Order

Reg A Orders

Adobe PDF Document Order Regarding Regulation A Tier 2 Notice Filing

Reg D Orders

Adobe PDF Document Reg D Delinquent Filing Order

Enforcement Orders

The following orders were issued by the Division to enforce various provisions of the Wisconsin Uniform Securities Law as found in Chapter 551. Signed copies of Petitions for Order and Orders associated with the following persons or entities are available in the PDF format.

See Links to Archives below

MFB Investments, LLC, Malorie F. Berceau, Travis J. Ebert and Martin P. Berceau - Case No. 235728 (EX) – Summary Cease and Desist Orders and Notices of Orders for Restitution and Civil Penalties were issued against MFB Investments, LLC, Malorie F. Berceau, Travis J. Ebert, and Martin P. Berceau for the following violations:

  • MFB Investments, LLC and Malorie F. Berceau violated Wis. Stat. § 551.403(1) by transacting business as an investment adviser in Wisconsin without being registered under Ch. 551 or exempted from registration under Wis. Stat. § 551.403(2).
  • MFB Investments, LLC and Malorie F. Berceau violated Wis. Stat. § 551.502(1)(a) when, in the course of advising others for compensation, either directly or indirectly, as to the value of securities or the advisability of investing in, purchasing, or selling securities, they employed a device, scheme, or artifice to defraud another person.
  • MFB Investments, LLC and Malorie F. Berceau violated Wis. Stat. § 551.502(1)(b) when, in the course of advising others for compensation, either directly or indirectly, as to the value of securities or the advisability of investing in, purchasing, or selling securities, engaged in an act, practice, or course of business that operated or would operate as a fraud or deceit upon another person.
  • MFB Investments, LLC, Malorie F. Berceau, and Travis J. Ebert violated Wis. Stat. § 551.501(2) when, in connection with the offer, sale, or purchase of securities, they made untrue statements of material fact and omitted to state material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.
  • MFB Investments, LLC, Malorie F. Berceau, and Travis J. Ebert violated Wis. Stat. § 551.501(3) when, in connection with the offer, sale, or purchase of securities, they engaged in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person.
  • Martin P. Berceau violated Wis. Stat. § 551.501(3) when, in connection with the offer, sale, or purchase of securities, he engaged in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person.
  • In the alternative, Martin P. Berceau materially aided and abetted the violations of Wis. Stat. § 551.501(2) by MFB Investments, Berceau and Ebert.

Order issued on October 27, 2017.

 

Atlantis Health Group, LLC and Syed Mohammed Ali Karim - Case No. S-233706 (EX) – A Consent Cease and Desist Order was issued against Atlantis Health Group, LLC ("Atlantis Health Group") and Syed Mohammed Ali Karim ("Karim") (collectively "Respondents") for the following violations:

  • The Respondents violated Wis. Stat. § 551.301 when they sold a promissory note to a Wisconsin resident which was not a federally covered security, or registered or exempted from registration under Ch. 551.
  • The Respondents violated Wis. Stat. § 551.501(2) when they, in connection with the offer and sale of a security, made untrue statements of material fact, including the misrepresentation that Atlantis Health Group earned an annual revenue of $70,000,000 when in fact it was never profitable, and the misrepresentation that a Wisconsin investors funds would be used for the business of Atlantis Health Group when in fact it was immediately used for the personal expenses and pre-existing debt of Karim.
  • The Respondents violated Wis. Stat. § 551.501(2), when they, in connection with the offer and sale of a security, omitted to state material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading, including the financial condition of Atlantis Health Group in 2014 and 2015 when Karim solicited a Wisconsin investor to reinvest in the company.

Order issued on October 12, 2017.

 

2016 Securities Administrative Order Archive

2015 Securities Administrative Order Archive

2014 Securities Administrative Order Archive

2013 Securities Administrative Order Archive

2012 Securities Administrative Order Archive

2011 Securities Administrative Order Archive

2010 Securities Administrative Order Archive

2009 Securities Administrative Order Archive

2008 Securities Administrative Order Archive

2007 Securities Administrative Order Archive

2006 Securities Administrative Order Archive

2005 Securities Administrative Order Archive

2004 Securities Administrative Order Archive

2003 Securities Administrative Order Archive

2002 Securities Administrative Order Archive

2001 Securities Administrative Order Archive

2000 Securities Administrative Order Archive

1999 Securities Administrative Order Archive

1998 Securities Administrative Order Archive