Secretary of State Issues Cease and Desist Order Against Perry Santillo, High Point Insurance Solution
Securities Division official demands company to stop sale of unregistered securities
FOR IMMEDIATE RELEASE
Contact: Jennifer A. Russell
(Carson City, NV; March 23, 2018) — Secretary of State Barbara Cegavske’s Securities Division executed a summary order to cease and desist today to Perry Santillo, individually and d/b/a High Point Insurance Solution, Advice and Life Group, LLC, First Nationle Solution, LLC and Middlebury Development LLC. The order was based upon a complaint filed by the Securities Division against Santillo and the entities alleging that, in addition to selling unregistered securities without being licensed, they used deceptive practices in the sale of securities and in offering investment advice. Santillo, a licensed insurance agent, has also been the subject of a recent action taken by the Securities Division of the Maryland Attorney General’s office.
The Complaint alleges that Santillo advised an investor to transfer funds to a self-directed IRA to facilitate the purchase of the unregistered securities. “Individuals who have retirement investments in an established retirement account should be very careful and fully understand the risk of transferring funds to a self-directed investment,” said Secretary of State Cegavske. “Our Securities Division is available to assist Nevadans with their questions and I encourage investors to confirm that the individuals offering investment advice are properly licensed.”
Secretary Cegavske encourages individuals to read the investor alert that can be found here http://www.nasaa.org/5866/self-directed-iras-and-the-risk-of-fraud/. Anyone who has invested funds with Santillo, First Nationle Solutions, LLC or Middlebury Development LLC is encouraged to call the Secretary of State’s Securities Division at (702) 486-2440.
Santillo and the entities have 45 days upon receiving the cease and desist order to request a hearing on the matters set forth in the order. If the parties fail to request a hearing, the administrator will issue a permanent order.
The issuance of the cease and desist order is part of an ongoing effort to address abuses of Nevada’s securities statutes and regulations. To read the full summary order, click here.
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