Phorcys Investment Advisors, Llc

Allegations: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT THE FIRM EFFECTED MUNICIPAL BONDS TRANSACTIONS IN THE AMOUNTS BELOW THE MINIMUM DENOMINATIONS SET FOR THE BONDS BEING SOLD. THE FINDINGS STATED THAT THE FIRM FAILED TO DISCLOSE TO CUSTOMERS THAT THE AMOUNT OF THE TRANSACTION BEING EFFECTED WAS BELOW THE MINIMUM DENOMINATION. THE FIRM ALSO FAILED TO ESTABLISH AND MAINTAIN A SUPERVISORY SYSTEM AND ESTABLISH, MAINTAIN AND ENFORCE WRITTEN SUPERVISORY PROCEDURES (WSPS) PROHIBITING THE SALE OF THE MUNICIPAL SECURITIES TO CUSTOMERS BELOW THE MINIMUM DENOMINATIONS AND FAILED TO HAVE ANY SYSTEMS OR CONTROLS IN PLACE TO MONITOR AND PROHIBIT SALES BELOW THE MINIMUM DENOMINATION. Status: Final Sanction Detail: THE FIRM WAS CENSURED, FINED AND $25,000 AND MUST OFFER RECISSION TO THE CUSTOMERS WHO EXECUTED TRANSACTIONS. Summary: RESOLVED. FINE PAID IN FULL ON 12/6/2016.