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Agency has no power to fine unlicensed person for stonewalling investigation

A Utah court, in an October 18 decision, overturned a $250,000 fine imposed on an unlicensed financial adviser for his failure to cooperate in an investigation, finding that the state's Department of Commerce did not have the authority to issue such a fine.

A Utah court, in an October 18 decision, overturned a $250,000 fine imposed on an unlicensed financial adviser for his failure to cooperate in an investigation, finding that the state's Department of Commerce did not have the authority to issue such a fine.

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