| (a) During the investigation of a complaint, Agency
staff will make a determination on what further action by the Agency
is appropriate under the particular facts and circumstances.
(b) The Division reviewing the complaint shall maintain
a record of the summary of the complaint, the subject matter of the
complaint, a summary of the results of the review or investigation
of the complaint, and the disposition of the complaint.
(c) Agency staff shall consider, on a case-by-case
basis, aggravating and mitigating factors, such as the extent and
pervasiveness of financial harm, prior violative conduct, cooperation,
and past Agency sanctions redressing similar conduct, when determining
an appropriate resolution to a complaint.
(d) Formal Agency action taken after investigation
of a complaint could include an administrative sanction or penalty,
civil action, or criminal prosecution. Formal administrative sanctions
available to the Agency include an order to cease and desist; denial
of a registration application; suspension, revocation, or probation
of a registration; administrative fine; and refund to a client or
purchaser of amounts paid for a service or transaction regulated by
the Agency.
(e) After review and investigation of the complaint,
the resolution could be one or more of the following:
(1) no further action, closed;
(2) informal, non-public action to bring the individual
or entity into compliance with applicable securities laws and regulations;
(3) informal, non-public, action to bring the individual
or entity into compliance with the Act and Board rules through the
imposition of an undertaking and/or placing restrictions on future
securities-related activities;
(4) formal, public action by agreement or consent order,
which may include administrative sanctions;
(5) formal, public action to initiate an administrative
contested case at the State Office of Administrative Hearings (SOAH)
which, after notice and opportunity for hearing, could include an
order imposing administrative sanctions;
(6) formal, ex parte public action (emergency cease
and desist order) to prevent immediate and irreparable public harm;
(7) referral to the Attorney General for a civil action
seeking injunction, restitution, and other civil penalties, and/or
the imposition of a receivership; or
(8) further development through a law enforcement investigation
prior to referral to an appropriate prosecutorial office for criminal
prosecution.
(f) The Agency's most current penalty matrix, describing
the range of possible sanctions for misconduct by registered persons
and the administrative penalties and sanctions that can be levied
against a registrant, is posted on the Agency's website (www.ssb.texas.gov).
(g) For contested matters before SOAH, Agency staff
shall notify any respondent known by Agency staff to be self-represented
of any guide for self-represented litigants disseminated by SOAH.
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