Lombard Advisers Incorporated

Allegations: THE DIVISION ALLEGED THAT THE FIRM ALLOWED AN ASSOCIATED PERSON TO REPRESENT THEMSELVES AND ACT AS AN INVESTMENT PRIOR TO APPROVAL OF REGISTRATION WITH THE STATE. Status: Final Sanction Detail: THE FIRM PAID $40,000 (MONETARY PENALTIES) AND $5,000 TO DEFRAY THE COSTS OF INVESTIGATION TO THE STATE OF VIRGINIA ON JANUARY 29, 2019. Summary: THE FIRM NEITHER ADMITTED NOR DENIED THE ALLEGATIONS HOWEVER, AGREED TO SETTLE THE MATTER FOR $40,000 (MONETARY PENALTIES) AND $5,000 TO DEFRAY THE COSTS OF INVESTIGATION.

Allegations: ON FEBRUARY 18, 2022, LOMBARD ADVISERS FILED APPLICATIONS FOR REGISTRATION FOR TWO OF ITS NORTH CAROLINA DOMICILED INVESTMENT ADVISER REPRESENTATIVES. BOTH REPRESENTATIVES ACTED ON BEHALF OF LOMBARD ADVISERS AS UNREGISTERED INVESTMENT ADVISER REPRESENTATIVES IN NORTH CAROLINA SINCE JANUARY 2007. Status: Final Sanction Detail: THE FIRM AGREED TO A FINAL ORDER AND PAID A CIVIL PENALTY OF $2,500 AND COSTS OF INVESTIGATION OF $2,250, FOR A TOTAL OF $4,750 TO THE N.C. DEPARTMENT OF THE SECRETARY OF STATE ON APRIL 13, 2022. Summary: DURING Q1 2022, THE FIRM DISCOVERED THAT 2 OF IT'S IARS LOCATED IN THE STATE OF NORTH CAROLINA WERE NOT REGISTERED IN NORTH CAROLINA BUT WERE INADVERTENTLY REGISTERED IN THE FIRM'S HOME STATE OF MARYLAND. THE FIRM REQUESTED THE APPROPRIATE REGISTRATION FOR EACH ON FEBRUARY 18, 2022, TO ADDRESS THE ADMINISTRATIVE OVERSIGHT. THE FIRM AGREED TO A FINAL ORDER AND PAID A CIVIL PENALTY OF $2,500 AND COSTS OF INVESTIGATION OF $2,250 TO THE N.C. DEPARTMENT OF THE SECRETARY OF STATE ON APRIL 13, 2022. THE RELEVANT REGISTRATION STATUS REFLECTED "APPROVED" AS OF APRIL 21, 2022.