ILLNOIS: NAFA Summary on the Illinois Van Dyke Matter: Updated 8/3/2016
January 12, 2015 by NAFA
On December 3, 2014 the Illinois Circuit Court for the Seventh Judicial District (Sangamon County) entered its Order against Richard Lee (Dick) Van Dyke, affirming the final Administrative Order entered against him on April 9, 2014 by the Illinois Department of Securities. The Court found that Mr. Van Dyke was acting as a registered investment advisor and, in effect, defrauded his clients. The Court also found that the fixed indexed annuities at issue were securities under the Illinois Securities Law and were not a form of insurance so, therefore, not entitled to exemption from securities law. The Court further found that Mr. Van Dyke violated Section 12.J of the IL Securities Law. Section 12J makes it a violation for any person, when acting as an investment advisor, to engage in fraudulent, deceptive, or manipulative acts. Click HERE to continue reading the summary and court order. Mr. Van Dyke has filed a Notice of Appeal of this decision with the Illinois Fourth Appellate District Court.
UPDATED 8/03/2016 Please Click HERE to read: Court tosses fraud complaint against former investment adviser Dick Van Dyke