Securities license revoked for Longmont investment adviser
DENVER (March 24, 2015) – The Colorado Division of Securities, part of the Department of Regulatory Agencies (DORA), announced today that the securities licenses to practice in the investment advisory field in Colorado have been revoked for Andrew Hawkins-Kimmel and his company, M & A Wealth Management.
The company, which lists Hawkins-Kimmel as owner, has operated in Longmont since 2010. The license revocations are disciplinary measures taken by Securities Commissioner Gerald Rome, who cited violations of the Colorado Securities Act, specifically statutes that outline requirements for the creation and maintenance of records by all investment adviser agencies.
The Division began its investigation into Hawkins-Kimmel and his company after receiving notice from Oregon Adult Protective Services regarding allegations that he was suspected of improperly removing funds from an investment account belonging to his parents, and housed with M & A.
His parents have a pending civil suit in the federal District of Oregon against Hawkins-Kimmel in which they seek to compel him to account for any funds he transferred from his parents and seeking damages for breach of fiduciary duty, elder abuse, conversion, and Oregon state securities law violations. In that case, the Honorable U.S. Magistrate Judge Paul Papak found on November 20, 2014 that between June 2010 and April 2013 Hawkins-Kimmel transferred $955,000 of his parents’ funds to accounts over which he exercised control.
Thereafter, he invested $463,100 of those funds into a company he operates and controls called H-K Resources. An action was initiated by the Division to revoke Hawkins-Kimmel’s licenses following his refusal to produce requested documents detailing the records of investments, followed afterwards by Hawkins-Kimmel’s claim that such documents did not exist.
“Failure to maintain the required documentation and failure to produce documents when requested is a basis for revocation of a license in Colorado,” Rome said in a statement addressing the actions taken against Hawkins-Kimmel. “When we face resistance in trying to trace a paper trail, it raises red flags for us. These requirements are meant to keep these types of businesses accountable to their customers.”
Hawkins-Kimmel agreed to the revocation of his licenses. For now the revoked licenses will bar Hawkins-Kimmel and M & A from engaging in the securities industry in Colorado. The Division’s investigation is on-going. The Division of Securities can be reached at (303) 894-2320.
Division of Securities