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    Wortham Labs

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    Dan Lehr
    The Tennessee Department of Commerce & Insurance fined Chattanooga-based Wortham Labs $1,000 for violating state securities laws by selling an unregistered security through an unlicensed broker. Wortham Labs admitted to selling an unregistered investment contract to a Tennessee investor directly without a properly registered agent, and has since made full restitution to the investor and cooperated with TDCI's investigation. TDCI Commissioner Frank Borger-Gilligan stated that enforcement actions like this are necessary to protect investors.

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    Wortham Labs

    Uploaded by

    Dan Lehr
    251 views2 pages
    The Tennessee Department of Commerce & Insurance fined Chattanooga-based Wortham Labs $1,000 for violating state securities laws by selling an unregistered security through an unlicensed broker. Wortham Labs admitted to selling an unregistered investment contract to a Tennessee investor directly without a properly registered agent, and has since made full restitution to the investor and cooperated with TDCI's investigation. TDCI Commissioner Frank Borger-Gilligan stated that enforcement actions like this are necessary to protect investors.

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    The Tennessee Department of Commerce & Insurance fined Chattanooga-based Wortham Labs $1,000 for violating state securities laws by selling an unregistered security through an unlicensed broker. Wortham Labs admitted to selling an unregistered investment contract to a Tennessee investor directly without a properly registered agent, and has since made full restitution to the investor and cooperated with TDCI's investigation. TDCI Commissioner Frank Borger-Gilligan stated that enforcement actions like this are necessary to protect investors.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    251 views2 pages

    Wortham Labs

    Uploaded by

    Dan Lehr
    The Tennessee Department of Commerce & Insurance fined Chattanooga-based Wortham Labs $1,000 for violating state securities laws by selling an unregistered security through an unlicensed broker. Wortham Labs admitted to selling an unregistered investment contract to a Tennessee investor directly without a properly registered agent, and has since made full restitution to the investor and cooperated with TDCI's investigation. TDCI Commissioner Frank Borger-Gilligan stated that enforcement actions like this are necessary to protect investors.

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    of 2

    FOR IMMEDIATE RELEASE

    Tuesday, August 23, 2016

    CONTACT: Kevin Walters


    OFFICE: (615) 253-8941

    TDCI Fines Chattanooga Corporation for Securities Violation

    Wortham Labs Assessed $1,000 Penalty for Selling Unregistered Security


    NASHVILLE The Tennessee Department of Commerce & Insurance (TDCI) announces disciplinary
    action against a corporation found in violation of the states securities law. Chattanooga-based
    Wortham Labs was fined for the sale of an unregistered security by an unlicensed broker/dealer.
    A Consent Order, finalized August 12, 2016, imposes a $1,000 civil penalty for the violation. Wortham
    Labs admits that a security/investment contract sold to a Tennessee investor was not registered
    with TDCIs Securities Division as required by state law. In addition, the security/investment contract
    was sold directly by Wortham Labs and not by an agent or broker properly registered with TDCI, also
    a violation of the law.
    Wortham Labs has complied and cooperated with the investigation by the TDCI Securities Division
    and has since made full restitution of the investment funds to the investor.
    Orders like this one are necessary for the protection of investors, said TDCI Assistant
    Commissioner for Securities Frank Borger-Gilligan. We urge Tennesseans to know the law before
    buying or selling securities.
    The Consent Order between TDCI and Wortham Labs can be found on the TDCI website.
    Tennesseans are encouraged to visit the Departments website where they can inspect disciplinary
    actions and verify licenses of security and insurance professionals.
    If you suspect that you might be a victim of securities or insurance fraud, or if you would like to file a
    complaint or speak with an investigator, please contact the Tennessee Securities Division Financial
    Services Investigations Unit at (615) 741-5900. To file a complaint online, visit
    https://tn.gov/commerce/article/securities-file-a-complaint.

    About the Tennessee Department of Commerce & Insurance: TDCI is charged with protecting the
    interests of consumers while providing fair, efficient oversight and a level field of competition for a broad
    array of industries and professionals doing business in Tennessee. Our divisions include the Athletic
    Commission, Consumer Affairs, Tennessee Corrections Institute, Emergency Communications Board, Fire

    Prevention, Insurance, Tennessee Law Enforcement Training Academy, Peace Officers Standards and
    Training, Regulatory Boards, Securities, and TennCare Oversight.
    To check a license of a professional regulated by the Department, go to http://verify.tn.gov/.
    ###

    DAVY CROCKETT TOWER 500 JAMES ROBERTSON PARKWAY NASHVILLE, TN 37243


    www.tn.gov/commerce/

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