SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Andrew Seafus Prophet (CRD No. 4016402) and Prophet Financial Planning, LLC

On September 11, 2019, the Banking Commissioner entered a Consent Order (No. CO-19-8437-S) with respect to Prophet Financial Planning, LLC of 3324 Main Street, 2nd Floor, Bridgeport, Connecticut 06606, and Andrew Seafus Prophet, managing member of the firm. Andrew Seafus Prophet is currently licensed as an insurance producer with the State of Connecticut Insurance Department. In 2009, the Financial Industry Regulatory Authority (FINRA) barred Andrew Prophet from association with any FINRA member broker-dealer in any capacity. Neither Andrew Prophet nor Prophet Financial Planning, LLC is currently registered in any capacity under the Connecticut Uniform Securities Act.

The Consent Order alleged that, from at least 2014 forward, Andrew Prophet, individually and on behalf of Prophet Financial Planning, LLC violated Section 36b-16 of the Connecticut Uniform Securities Act by selling unregistered securities in the form of promissory notes to investors. The Consent Order acknowledged that Andrew Prophet provided the agency with evidence that 1) he had offered approximately $374,000 in rescission to those investors whose promissory notes had not yet matured and who had not yet been repaid; and 2) only one investor accepted that rescission offer. The Consent Order also acknowledged that Andrew Prophet furnished the department with documentation that he had remitted, under the oversight of his legal counsel 1) $141,250 to those investors whose promissory notes had matured; and 2) $28,500 to cover the balance owed to the one investor who had accepted his rescission offer and whose note had not yet matured.

The Consent Order directed Andrew Seafus Prophet and Prophet Financial Planning, LLC to cease and desist from securities regulatory violations and, for a five year period, to retain and consult with legal counsel prior to issuing, offering or selling securities in or from Connecticut. In addition, the Consent Order fined Andrew Seafus Prophet $10,000.


A&M Capital Advisors, LP (IARD No. 163576)

On September 12, 2019, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-19-8419-S) with A&M Capital Advisors, LP of 1 Pickwick Plaza, Third Floor, Greenwich, Connecticut 06830. The firm is registered as an investment adviser with the Securities and Exchange Commission. Federally registered investment advisers are generally required to make a state notice filing with the jurisdictions in which they do business. The Stipulation and Agreement alleged that, since moving to Connecticut from New York in 2013, the firm was remiss in making the notice filing required by Section 36b-6(e) of the Connecticut Uniform Securities Act. The filing delinquency was rectified in 2018. In resolution of the matter, the firm agreed to refrain from violative conduct and to pay $3,275 to the agency. Of that amount $2,500 constituted an administrative fine and $775 represented reimbursement for past due investment advisory notice filing fees.