The complaint filed by Secretary of the State William Galvin’s office seeks to deny registration to Westborough-based CCR Wealth Management.
According to the complaint, inspectors became suspicious when they noticed that CCR had reported static denominations over a period of time, even as its number of accounts fluctuated. Between 2007 and 2011, CCR reported exactly US$25 million under management, even as its number of accounts fell from 350 to 250.
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Meanwhile, CCR officials said in a statement that the firm is working with securities officials to resolve the matter.
"CCR Wealth Management is a leading independent financial management and advisory firm. We take our reporting and registration requirements very seriously, and will work closely with the Massachusetts Securities Division to clarify any misunderstanding that may exist," according to a statement released by the company. "We look forward to resolving this matter in a constructive way."
Formerly regulated by the federal Securities and Exchange Commission (SEC) for more than 10 years, CCR and 195 other firms were required to register with Massachusetts regulators because of the Dodd Frank Act of 2010.
Prior to the act, advisers with US$25 million or more under management were regulated by the SEC, but the new minimum is US$100 million.
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