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How do I know if the security is properly registered or "Blue Skyed"?
For more information on Security Registration or Blue Sky Registrations, contact the Illinois Securities Department's Registration Division at 1-800-628-7937.
Does Illinois allow dual registration?
Illinois will allow dual registration for a salesperson if both employing firms give consent and the U-4 form has been so amended.
How can I take a securities examination?
All securities examinations are administered by the Financial Industry Regulatory Authority (FINRA). To sit for an examination, your employing firm must file the proper application form and pay the testing fee to the FINRA on your behalf.
Will the Illinois Securities Department sponsor individuals to take the examination?
The Illinois Securities Department will sponsor individuals to take the examination if an application has been filed with the Department to register as a non-FINRA (Financial Industry Regulatory Authority) dealer, investment adviser or salesperson of an issuer.
Can officers and directors of an issuer sell in Illinois?
Directors cannot, but policy-making officers who do not receive a commission, remuneration or compensation of any kind, directly or indirectly, on behalf of the sale of securities, can generally sell without registration on a limited basis.
How can I obtain information about the value of old stock and/or find out if the corporation is still in existence?
A number of resources are available to assist you in such a search:
- Tracing The Value of Old Securities
- Commerce Clearing House - Capital Changes Reporter
- The Manual of Valuable and Worthless Securities edited by Robert D. Fisher
- Stock Search International - 1-800-537-4523
- Smythe & Company - 1-212-943-1880
- Prudential/American Securities, Inc. Financial Information Center - 1-626-795-5881
Fax 626-792-5407
- Financial Information Systems - 1-201-332-5400
- OldCompany.com - 1-888-STOCKS6 1-888-786-2576
If an inquiry is in regard to whether or not a company is still incorporated in the State of Illinois, consumers may contact the Department of Business Services in the Office of the Secretary of State (217/782-7880).
If I feel that I am a victim of securities fraud, what should I do?
Complaints or questions regarding previously purchased investments should be directed to the Illinois Securities Department Enforcement Division at 217/785-4948 or 1-800-628-7937.
Can the Illinois Securities Department force the person or firm that I am complaining about to return my money?
The Illinois Securities Law does not give the Department the authority to order rescission, or a return of your investment money. In some cases, the subject of an investigation or administrative prosecution will agree to make a rescission offer, but you should not expect a rescission offer to be made voluntarily. You should always consult your own attorney to determine if you have a civil remedy available, and arbitration may also be an option.
Once a complaint is made to the Illinois Securities Department, how long does the investigation take before the matter is resolved?
There is no "typical" time frame for the resolution of complaints or inquiries; every situation is unique. In some instances, the complaint does not fall within the jurisdiction of the Illinois Securities Department, and the case file will be closed or referred to another agency. In any event, the Department will attempt to keep you informed of the progression/disposition of the case.
If the Illinois Securities Department begins a prosecution based upon my complaint, will I be involved with that prosecution?
In most instances, yes -- your testimony at a formal administrative hearing will be required for the Department to satisfy its burden of proof. The Department's Enforcement staff will review the case with you in preparation for the hearing.
How can I be sure my salesperson is not soliciting me to purchase a fraudulent investment?
Unfortunately, you can never be 100% certain that even a registered salesperson is not selling fraudulent investments. However, there are certain procedures which should be followed by a salesperson and if they are not being followed it should cause you to be suspicious. Salespersons who recommend investments to customers are required to obtain suitability information from customers. Also, monthly or quarterly investment statements should come from the registered securities dealer or their clearing firm for most securities or in the case of mutual funds from the mutual fund company. Statements should not come from either the salesperson or an unregistered company of the salesperson.
Is information obtained by the Illinois Securities Department during the course of an investigation public information?
No, the information is deemed to be confidential and is not subject to the Freedom of Information Act. The exception is certain individual documents that may become public record if they are utilized in a public action taken by the Department.
Is a (particular) securities dealer and/or salesperson properly registered/licensed to do business in the State of Illinois? Are there any disciplinary records?
Such information may be obtained by calling the Illinois Securities Department, toll-free at 1-800-628-7937; consumers outside the State of Illinois may contact their own state securities regulator, or the Financial Industry Regulatory Authority (FINRA) or check the FINRA web site.
DISCLAIMER
The Secretary of State, Illinois Securities Department or their information providers shall not be liable regardless of the cause or duration, for any errors, inaccuracies, omissions or untimeliness of the information, or for any delay or interruption in the transmission thereof to the user, or for any claims or losses arising therefrom.
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