Quarterly Securities Industry Newsletter: July 2026

Reauthorization and Amendments to the Colorado Securities Act

On May 29, 2026, Governor Polis signed House Bill 26-1188, Sunset Process Securities Regulation, into law. The bill was part of the statutorily mandated review of the Colorado Securities Act.

Its successful passage reauthorized the Division of Securities for 11 years and amended the Act. Under the amended Act, some of the key changes that impact investment advisers (IAs) and investment adviser representatives (IARs) include:

Clarification that examination deficiency letters and communications concerning a deficiency letter are not public documents and may not be produced under the Colorado Open Records Act.
Clarification that an IA or IAR doing business in Colorado must be licensed by the securities commissioner unless otherwise exempt.
A streamlined process by which cease-and-desist orders and summary suspensions are issued.

Review all the changes in the new law in House Bill 26-1188.

In addition, the legislature passed Senate Bill 26-118 related to some broker- dealers. Read Senate Bill 26-118, Legacy Giving to Charitable Organizations, to learn more.

Summer of Suitability

The Division is kicking off the Summer of Suitability to highlight the importance of IAs' and IARs' obligation to collect and maintain written suitability information for all advisory clients. The Summer of Suitability will start with an adviser alert. Later this year, we'll offer a continuing education course related to suitability. Division staff will also conduct targeted examinations focused on regulatory suitability requirements and other best practices. Staff continue to regularly identify firms that are managing client portfolios without documenting suitability.

To ensure that clients don't lose their footing in the market terrain, see the Division's recent alert on IA suitability. Stay tuned for more information on a continuing education course and targeted suitability examinations.

Read the suitability alert.

Adviser Alert: Private Credit Funds

The Division issued an alert to bring attention to the escalating risks and generally illiquid and often opaque nature of private credit funds. There is growing concern that the market may be facing increasing stress, the underlying loans could be higher-risk than understood, and some issuers are capping investor redemption requests. In this alert, the Division explains what private credit funds are, key risks for IAs to consider and best practice recommendations.

View the private credit funds alert.

Investment Adviser Representative Continuing Education

Have you started working on your 2026 investment adviser representative continuing education (IAR CE) credits? There are about five months left for IARs to complete their annual CE requirement.

To find approved courses, visit the North American Securities Administrators Association's (NASAA) public course catalog. Users can filter course offerings by subject matter, course format, provider, level of complexity and whether a course has also been approved for CE credit for other professional designations.

To learn more about the requirements, visit the Division's informational IAR CE web page.

Sanctions Against Licensees

Broker Dealer Excessive Commission Settlements

Commissioner Tung Chan joined multimillion-dollar settlements with Edward Jones, LPL Financial, RBC, Stifel and TD Ameritrade for the practice of charging unreasonable commissions to retail customers on small-dollar transactions. In the five-year period covered by the investigation, data shows that, nationwide, the firms charged approximately $19 million to process 1.12 million small-dollar equity transactions and trades. As a result of the investigation and settlement terms, the firms have agreed to provide affected customers with restitution, plus interest in the amount of 6% from the date of the customer's transaction through the date of execution of the term sheet and offer of settlement. View the orders on the Division's enforcement action table.

H. Anthony Ruckel and Horace Anthony Ruckel

June 26, 2026 - As part of a 2026 examination, staff alleged that respondents failed to correct many of the deficiencies identified in a 2024 examination. Staff also identified additional deficiencies during the 2026 examination. Deficiencies included, but were not limited to, failure to enter into written contracts with clients and failure to maintain original or copies of written communication with clients. Respondents entered into a stipulation and consent order with the commissioner and agreed to conditions placed on their licenses and to retain a compliance consultant approved by the Division for three years.

Other Enforcement Actions

Jazzmen La-Vone Gaskins

July 8, 2026 - The Adams County District Court sentenced Jazzmen La-Vone Gaskins to nine years of incarceration and three years of parole supervision. The sentence is related to Gaskins' 2026 guilty plea on one count of securities fraud, wherein Gaskins solicited investments from a Colorado investor through his company JG Capital Finance Corporation. Gaskins is currently incarcerated in Florida for a 15-year sentence for a federal charge of sex trafficking. His Colorado sentence for securities fraud was ordered to run concurrently with the federal sentence and included repayment of $116,675 in restitution.

Ann Vick

May 21, 2026 - Weld County District Court Judge Vincente Vigil sentenced Ann Vick of Northern Colorado to ten years at Community Corrections. The sentence was related to a March 2026 jury trial that found Vick guilty on eight counts of securities fraud. Vick made a number of material misrepresentations and omissions in the solicitation and sale of promissory notes. Vick also used investor funds to pay off earlier investors and for other unauthorized expenses.

New Division Mailing Address

The Division moved offices at the beginning of July and has a new mailing address. Please send all mail to:

1560 Broadway, Suite 200, Denver, CO 80202

Division Hiring Forensic Auditor

Are you interested in making a difference by protecting Coloradans from securities fraud? The Division is looking for a Forensic Auditor III to join our team!

Division auditors are certified public accountants (CPAs) and work with investigators and attorneys to support ongoing investigations. Auditors review individuals' and companies' financial transactions and records and work to show the use of funds. They testify at grand juries and trials and must be able to clearly explain their work to attorneys, judges and juries. Learn more and apply by August 4.

Visit our careers page to stay up to date with current job openings. Interested candidates can email [email protected] with questions.