Greenwich Wealth Management Llc

Allegations: GWM'S FAILURE TO REGISTER ITS INVESTMENT ADVISER REPRESENTATIVE WHO HAD A PLACE OF BUSINESS IN MASSACHUSETTS AND ENSURE THAT ITS INVESTMENT ADVISER REPRESENTATIVE WAS PROPERLY REGISTERED IN MASSACHUSETTS PRIOR TO PROVIDING INVESTMENT ADVISORY SERVICES IN VIOLATION OF THE MASSACHUSETTS UNIFORM SECURITIES ACT, MASS. GEN. LAWS C. 110A (THE "ACT"), AND THE CORRESPONDING REGULATIONS PROMULGATED THEREUNDER AT 950 MASS. CODE REGS. 10.00 - 14.413 (THE "REGULATIONS") Status: Final Sanction Detail: GWM HAS AGREED TO AND PAID A MONETARY FINE OF $37,500. GWM AGREED TO REVIEW WRITTEN SUPERVISORY POLICIES AND PROCEDURES. GWM AGREES TO PROVIDE AND COMPLETE AT LEAST 20 HOURS OF COMPLIANCE TRAINING TO ITS CHIEF COMPLIANCE OFFICER, AND TO ITS MANAGING MEMBER Summary: ON 8/23/2023 GWM CONSENTED TO A SETTLEMENT AGREEMENT FOR A VIOLATION OF MASSACHUSETTS GENERAL SECURITIES LAWS 110A, § 201 (C) & (D) FOR NOT REGISTERING AN ASSOCIATED INVESTMENT ADVISOR REPRESENTATIVE CONDUCTING BUSINESS IN THE STATE OF MASSACHUSETTS OR FILING THE REQUIRED CORI FORM. PREVIOUS TO 8/23/2023 THIS ADVISOR HAD BEEN PROPERLY REGISTERED WHILE LIVING AND DOING BUSINESS IN NEW YORK STATE AND FROM THE GWM OFFICE IN GREENWICH CT, BUT GWM FAILED TO NOTIFY MASSACHUSETTS OF THIS ADVISORS CHANGE OF RESIDENCY TO MASSACHUSETTS OR FILE REQUIRED THE CORI FORM IN A TIMELY FASHION. THE FOLLOWING IS THE EXACT LANGUAGE AND FINE AMOUNT THAT GWM CONSENTED TO AND AGREED TO. ON 08/23/2023 GWM CONSENTED TO A SETTLEMENT AGREEMENT ALLEGING A VIOLATION OF MASS. GEN. LAWS C. 110A, § 201(C) AND 110A, § 201(D). WHEREAS IT IS IT IS UNLAWFUL FOR ANY PERSON TO TRANSACT BUSINESS IN THIS COMMONWEALTH AS AN INVESTMENT ADVISER OR AS AN INVESTMENT ADVISER REPRESENTATIVE UNLESS HE IS SO REGISTERED UNDER THIS CHAPTER AND WHEREAS IT IS UNLAWFUL FOR ANY INVESTMENT ADVISER REPRESENTATIVE, AS DEFINED IN RULE 203A-3(A) UNDER THE INVESTMENT ADVISER ACT OF 1940, WITH A PLACE OF BUSINESS, AS DEFINED IN RULE 203A-3(B) UNDER THE INVESTMENT ADVISER ACT OF 1940, IN THE COMMONWEALTH, WHO IS EMPLOYED BY A FEDERAL COVERED ADVISER TO CONDUCT BUSINESS IN THE COMMONWEALTH, UNLESS REGISTERED UNDER THIS CHAPTER. GWM HAS ENTERED INTO AN ORDER UNDER WHICH GWM WAS CENSURED AND AGREED TO A CEASE AND DESIST/INJUNCTION FROM COMMITTING FURTHER VIOLATIONS. GWM HAS AGREED TO AND PAID A MONETARY FINE OF $37,500. GWM AGREED TO REVIEW WRITTEN SUPERVISORY POLICIES AND PROCEDURES. GWM AGREES TO PROVIDE AND COMPLETE AT LEAST 20 HOURS OF COMPLIANCE TRAINING TO ITS CHIEF COMPLIANCE OFFICER, AND TO ITS MANAGING MEMBER