Public Alert: Unregistered Soliciting Entities (PAUSE)
List of Unregistered Soliciting Entities That Have Been the Subject of Investor Complaints
The SEC receives complaints from investors and others, including foreign securities regulators, about securities solicitations made by entities that claim to be registered, licensed and/or located in the United States in their solicitation of non-US investors, and entities not registered in the United States that are soliciting US investors.
In some cases, the complaints are about entities claiming to offer investments endorsed by governmental agencies, including the SEC. These claims are important because when an entity claims to be registered with the SEC, it is in effect claiming that it has made itself available for SEC regulation and oversight. Generally, US entities that solicit you to purchase or sell securities for your own account are required to register with the SEC. For this reason, it is important for you to consider whether the entity that solicits you is, in fact, registered with the SEC.
In many cases, SEC investigation reveals that the soliciting entities are not registered in the United States as they claim or imply. In an effort to warn the public about these entities, the SEC is publishing information it has learned in reviewing these complaints.
For each of the entities named below, the SEC has determined that there is no US registered securities firm with this name. Where applicable, the „Note“ section for each entity provides additional relevant information we have learned. The SEC will regularly update this list.
Additional PAUSE Lists
In addition to the unregistered soliciting entities listed below, the SEC also receives complaints about entities impersonating genuine US registered securities firms as well as entities falsely claiming affiliation with government agencies or international organizations, including the SEC:
- Impersonators of Genuine Firms
This is a list of entities that use a name that is the same as, or similar to, the name of a US registered securities firm, notwithstanding the fact that the soliciting persons are not affiliated with a US registered securities firm.
- Fictitious Regulators
This is a list of entities that claim an endorsement, approval or other support by a governmental agency or international organization that does not exist or does not really lend support to the entity or the investments it is offering.
You should be aware that these lists do not include all unregistered entities, impersonators of genuine firms, fake regulators, or entities that have been the subject of complaints received by the SEC. Also, you should understand that the inclusion of a name on these lists does not mean that the SEC has concluded that a violation of the US securities laws has occurred or that the SEC has made any judgment about the merits of the securities being offered by these entities.
You can view the official SEC release describing and providing more details about these lists. If you have information, questions or comments about the entities on this list, submit a question or complaint to the SEC.