Van Dyke v. White

Secretary of State issued a final administrative decision finding that Respondent had violated several sections of the Illinois Securities Law of 1953, and thus revoked his registration as an investment adviser, prohibited him from selling securities in Illinois, and ordering him to pay certain fines and costs. Any form of annuity contract issued by an authorized insurer is not included within the classification of "face-amount certificate". The indexed annuities here were issued by authorized life insurance companies and are excluded from the statutory definition of a "security". Respondent's recommendation that his clients purchase indexed annuities cannot form the basis of a violation of sections 12(A), (F), (G), or (I) of the Securities Law. Respondent acted both as a registered investment adviser under the Securities Law and as a licensed insurance producer under the Insurance Code, and his conduct brings hin within the purview of section 12(J) of that Law. Evidence failed to establish that Respondent violated the Securities Law or perpetrated a fraud on his clients as to the replacement transactions at issue.(KARMEIER, THOMAS, KILBRIDE, GARMAN, BUREKE, and THEIS, concurring.)