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Thu May 22, 2014
Jaffrey Couple Targeted For Securities Fraud
The New Hampshire Bureau of Securities Regulation is taking action against a Jaffrey couple it says has committed securities fraud through a jointly-owned company, Howard Interests.
Charles Howard III is no stranger to securities regulators. In 1993, he was sentenced to prison for bank fraud, and conspiracy to commit insider trading and bank bribery. NH Securities Deputy Director, Jeff Spill says the Bureau believes Mr. Howard and his wife, Carolyn began engaging in unlicensed investment advising in 2002, about five years after Mr. Howard was released from jail.
Mr. Howard is alleged to have failed to disclose that he was being compensated by the companies of the stocks he was promoting, that he failed to disclose that he was barred from being licensed, and that he was not licensed to conduct this business.
The Bureau alleges the Howards illegally collected several hundred thousand dollars in fees. It is seeking restitution for at least nine clients of Howard Investments, along with a cease and desist order, a fine of $150,000, and recovery of the Bureau’s $50,000 in costs. The Howards have a right to request a hearing with a hearings examiner, appointed by the secretary of state.