Maine resident Paul A. Ligor Jr. has been barred from engaging in the sale or promotion of securities, according to a federal Securities and Exchange Commission order based on disciplinary action taken against Ligor by the Maine Office of Securities.
In March 2014, the Maine agency barred Ligor from the securities industry for engaging in unlicensed activity between 2009 and 2011, according to a release from the agency. An investigation found that Ligor managed self-directed brokerage accounts for clients without first obtaining the required licenses as an investment adviser representative.
Although Ligor was licensed with several firms as an agent of a broker-dealer beginning in 1992, he was never licensed as an investment adviser representative and his investment advisory firm was never licensed in Maine, according to the Maine Office of Securities.
The SEC order bars Ligor from associating with any broker, dealer, investment adviser, municipal securities dealer, municipal adviser, transfer agent or nationally recognized statistical rating organization, and orders him to pay a $1,000 civil penalty.
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