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LARA Orders Creative Wealth Strategies, Inc. and Robert Byrkit Morley Jr., of Birmingham, to Cease and Desist from Unlawful Sale of Securities
Media Contact: LARA Communications 517-373-9280
May 10, 2017 - The Michigan Department of Licensing and Regulatory Affairs (LARA), Corporations, Securities & Commercial Licensing Bureau (CSCL) issued final orders against Robert Byrkit Morley, Jr., and Creative Wealth Strategies, Inc. both of Birmingham, MI, ordering them to cease and desist from selling unregistered securities, among other violations of the Michigan Uniform Securities Act (MUSA). CSCL has also denied Mr. Morley’s investment adviser firm registration application.
“To protect consumers, the State of Michigan requires the proper registration of investment adviser representatives, securities agents, broker-dealers, and investment adviser firms, and the securities they are selling, and that representations made in filings with the Department are complete and accurate,” said CSCL Director Julia Dale. “Investors should contact us to make sure that the person or company they are working with or a securities product they are considering purchasing is registered in Michigan.”
An investigation prompted by a consumer complaint against Mr. Morley and Creative Wealth Strategies, Inc. by CSCL disclosed violations of MUSA, including the sale of securities in the form of investment contracts that were neither exempt from registration nor registered, to two Michigan investors, a married couple over the age of 60. Mr. Morley, the president of Creative Wealth Strategies, Inc. represented in required notice filings associated with his sole proprietorship investment adviser firm that he would not sell securities in which he had a proprietary interest to investment advisory clients. His representations were material and misleading.
CSCL issued final orders imposing an $80,000.00 fine against Mr. Morley and a $40,000.00 fine against Creative Wealth Strategies, Inc. The investment adviser firm registration application was denied for Mr. Morley engaging in dishonest or unethical practices in the securities, commodities, investment, franchise, banking, finance, or insurance laws of Michigan.
A person who willfully violates MUSA or an order issued under that Act is guilty of a felony punishable by imprisonment for not more than 10 years or a fine of not more than $500,000.00 for each violation, or both.
Before entering into an investment, Michigan consumers are encouraged to contact CSCL and the bureau can run a registration check on any investment adviser, broker-dealer, professional, or product. CSCL can be reached at 517-241-6345 or online at: www.michigan.gov/securities. Investors are reminded that there is no replacement for their own due diligence. Investor education materials may also be found using that link. Securities orders, once issued, entered and served, can now be found online at http://www.michigan.gov/lara/0,4601,7-154-61343_35395_77138_77140_77142---,00.html.
For more information about LARA, please visit www.michigan.gov/lara
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