Real Estate Consultant
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Government Actions
Colorado Securities Commission vs Legal Wiz (Bronchick & Associates, P.C., Bronchick Consulting Group, LLC)
On October 9, 2018, Colorado Securities Commissioner Gerald Rome announced that he has settled civil fraud charges against William Bronchick of Aurora for alleged violations of the licensing and anti-fraud provisions of the Colorado Securities Act. Mr. Bronchick has agreed to settle the lawsuit without admitting nor denying liability. The settlement includes Mr. Bronchick’s agreement not to act as a broker-dealer or investment adviser in Colorado for a period of three years, or issue or sell securities in the state of Colorado contrary to any provision of the Securities Act. Mr. Bronchick has also agreed to pay the sum of $10,000.
On June 7th, 2017, Colorado Securities Commissioner Gerald Rome filed civil fraud charges against William Bronchick of Aurora as well as his companies LegalWiz, Bronchick & Associates, P.C., and Bronchick Consulting Group, LLC for alleged violations of the licensing and anti-fraud provisions of the Colorado Securities Act. Bronchick, an attorney, hosts a web site called LegalWiz, which promotes the services he provides to investors in the form of coaching, seminars, podcasts, videos, and books on real estate investing.
According to the complaint filed by the Colorado Attorney General’s Office, investigators with the Division of Securities, part of the Department of Regulatory Agencies (DORA), determined that Bronchick made a variety of suspected omissions and misstatements to investors in one of his real estate enterprises. Material information was withheld from first-round investors by Bronchick and Valois Dynasty including, but not limited to the fact that rental income did not cover debt service and operating expenses, many units were occupied by tenants who were not paying their rent, and that investor funds would be used to pay hundreds of thousands of dollars of overdue bills. Not only is Bronchick directly liable for his own conduct, as a control person of Valois Dynasty, pursuant to §§ 11-51-602(2) and -604(4) and (5)(b), he is jointly and severally liable with and to the same extent as Valois Dynasty for the numerous material untruths and omissions. For more information see: https://www.bbb.org/globalassets/local-bbbs/denver-co-33/media/government-actions/first-amended-complaint-for-injunctive-and-other-relief.pdf
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