The Delaware Attorney General’s Office’s Investor Protection Unit on Thursday announced that it had issued an order to cease and desist against the Wilmington accounting business The Ralph V. Estep Firm and against Ralph V. Estep, its owner.
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WILMINGTON — The Delaware Attorney General’s Office’s Investor Protection Unit on Thursday announced that it had issued an order to cease and desist against the accounting business The Ralph V. Estep Firm and against Ralph V. Estep, its owner.
The order was issued after the unit became aware of a letter soliciting clients to use Mr. Estep and the firm’s investment advisory services, according to the attorney general.
However, neither Mr. Estep nor his business are registered investment professionals, as required under the Delaware Securities Act, and so they are not permitted to act as financial advisers or solicit clients for such services.
The directive prohibits Mr. Estep and the firm from engaging in practices that violate the Securities Act. The full order is available here.
The Investor Protection Unit encourages checking the registration status of financial professionals here and here. For help or to file a complaint, contact investor.protection@delaware.gov or visit the attorney general's website.
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