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FOR IMMEDIATE RELEASE
August 26, 2010
Secretary Rokita urges Hoosiers to avoid buying securities from Jeffrey Lynn Smith and his business, Wellington Financial
INDIANAPOLIS – Indiana Secretary of State Todd Rokita’s Securities Division has issued a cease-and-desist order against a Fort Wayne resident and his business after discovering multiple violations of the Indiana Uniform Securities Act. The order finds that Jeffrey Lynn Smith, who operates the business Wellington Financial, has been selling securities despite not being registered to do so with the State of Indiana. The order also finds that the investments themselves are not registered as required by law.
“Based on our Securities Division’s investigation, we want to alert investors that they should take their business elsewhere,” said Secretary Rokita. “Jeffrey Smith is not licensed to be selling investments in Indiana and therefore has been ordered to immediately stop putting investors at risk.”
Specifically, Smith is ordered to immediately cease-and-desist from selling unregistered securities and selling securities as an unregistered broker-dealer.
Attorneys within Secretary Rokita’s Securities Division filed an administrative complaint against Smith alleging that from January 2004 through November 2006, Smith and Wellington Financial offered and/or sold securities in the form of investment contracts to at least six people, although neither he nor the securities themselves were registered.
Smith has 45 days to answer to the order and has the right to request a hearing. He may face a permanent bar from the securities industry, civil penalties and restitution orders.