UPDATE MAY 2016-In May 2016 David F. Brochu of Wells, Maine, was permanently barred from the securities industry by the US Securities and Exchange Commission. In February 2016 the New Hampshire Bureau of Securities Regulation entered a consent order against Brochu barring him from the securities industry in New Hampshire, ordering him to pay restitution of $1.3 million to investors and assessing a fine and costs of $125,000.
ORIGINAL POST-September 4, 2014
The New Hampshire Bureau of Securities Regulation issued an order of suspension, show cause and cease and desist against Kleossum, Inc. and David F. Brochu of Conway, New Hampshire.
The order alleges that between September 2011 and April 2013, Brochu, who is a licensed investment advisor with Kleossum sold interests in Brochu Family Farms, LLC, Sustainable Forest Fuels Wood, LLC and KT1,LLC, and failed to disclose material conflicts of interest. It further alleges that Brochu and Kleossum continued to solicit investment funds with inaccurate business projections and with no place of business following his arrest in February 2014 and the closing o f Kleossum in March 2014.
Brochu and Kleossum may request a hearing within 30 days of receipt of the Order.
According to FINRA records, Brochu was formerly a licensed broker with Strategic Point Securities, LLC , Providence, Rhode Island.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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