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OFIR Revokes Farmington Hills Man's Securities, Insurance Licenses


FOR IMMEDIATE RELEASE 
October 9, 2009 
Contact: Jason Moon  517-335-1700

LANSING - The Office of Financial and Insurance Regulation (OFIR) has ordered Keith L. Epstein of Farmington Hills to cease and desist from acting as a securities agent and has suspended his insurance producer license for violations of Michigan’s Uniform Securities Act and Insurance Code. OFIR’s actions follow the Financial and Industry Regulatory Authority’s (FINRA) January, 2009 suspension of Epstein’s membership as a securities agent for misappropriating an elderly couple’s $285,000 investment account in 2007. Epstein also admitted to OFIR that between 2002 and 2004 he borrowed $124,000 from an elderly client that he deposited into multiple accounts that he owned and controlled for his personal use. 

"Mr. Epstein's thievery makes him ineligible to hold an insurance producer license,” OFIR Commissioner Ken Ross said. “Michigan investors are encouraged to call OFIR toll-free before purchasing a securities product.”

If Michigan investors have any questions about an investment firm, professional or product, please contact OFIR toll-free at (877) 999-6442 or online at www.michigan.gov/ofir.

Failure to comply with the terms of OFIR’s cease and desist order may subject Epstein to sanctions, fines, and/or penalties, including but not limited to the following:

  • The imposition of additional civil penalties of not more than $1,000 for each violation of this Act, not to exceed a total of $10,000.
  • Any willful violation of certain provisions of the Act shall, upon conviction, result in a fine of not more than $25,000 for each violation, or imprisonment for not more than 10 years, or both.

A copy of OFIR's cease and desist and suspension orders can be found at:

http://www.michigan.gov/documents/dleg/Keith_Epstein_-_Order_to_Cease_and_Desist_296433_7.pdf

http://www.michigan.gov/documents/dleg/Keith_Epstein_-_Order_of_Summary_Suspension_and_Opportunity_for_Hearing_296434_7.pdf

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