RELEASE: Ronald Niederpruem and Ron Niederpruem, LLC Ordered to Suspend Business Operations by Securities CommissionerPosted on Jan 25, 2019 in BREG, News Releases
DEPARTMENT OF COMMERCE AND CONSUMER AFFAIR
DAVID Y. IGE
CATHERINE P. AWAKUNI COLÓN
TY Y. NOHARA
COMMISSIONER OF SECURITIES
FOR IMMEDIATE RELEASE
January 25, 2019
Ronald Niederpruem and Ron Niederpruem, LLC Ordered to Suspend Business Operations by Securities Commissioner
HONOLULU – The Hawai‘i Department of Commerce and Consumer Affairs’ (DCCA) Commissioner of Securities, Ty Nohara (“Commissioner”), issued an Order summarily suspending the registrations of Ron Niederpruem, LLC dba Ron Niederpruem, as an investment adviser, and Ronald Niederpruem, as an investment adviser representative due to the ongoing violations of state securities laws.
The Order asserts that Ronald Niederpruem and Ron Niederpruem, LLC violated, and continues to violate provisions of state securities laws by failing to file annual audited financial statements since fiscal year ending 2009.
The Commissioner’s Order, issued on November 28, 2018, references a Petition to Revoke Ron Niederpruem, LLC’s registration as an investment adviser and Ronald Niederpruem’s registration as an investment adviser representative, and imposes a penalty, which was filed by the Securities Enforcement Branch on September 21, 2018.
Due to the allegations in the Petition and the continuing violations of state securities laws, the summary suspensions became effective November 28, 2018 and mandate that Ron Niederpruem, LLC and Ronald Niederpruem “shall conduct no business in Hawaii that requires registration as an investment adviser or an investment adviser representative unless and until reinstated by the Commissioner.
State securities laws require investment advisers and their representatives to register with the DCCA’s Securities Compliance Branch and to comply with specific reporting obligations. Since fiscal year 2009, Ron Niederpruem, LLC and Ronald Niederpruem have failed to file any audited annual financial statements as required by state securities laws.
Anyone who has been solicited by Ronald Niederpruem or has knowledge of Ron Niederpruem, LLC’s or Ronald Niederpruem’s business activities since the date of suspension on November 28, 2018, or who may otherwise have questions or information regarding this matter, is urged to contact the DCCA’s Securities Enforcement Branch (SEB) at 808-586-2740 or toll free at 1-877-HI-SCAMS.
The SEB receives and investigates complaints regarding potential violations of Hawaii securities laws and prosecutes securities fraud as well as other securities law violations.
Securities Enforcement Branch
Oahu: (808) 586-2740
Kauai: (808) 274-3141, followed by 62740#
Maui: (808) 984-2400, followed by 62740#
Hawaii: (808) 974-4000, followed by 62740#
Lanai and Molokai: 1-800-468-4644 (toll free), followed by 62740#
Email: [email protected]
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Department of Commerce and Consumer Affairs