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## Enforcement

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# Public Alert: Unregistered Soliciting Entities (PAUSE)

The PAUSE Program lists entities that falsely claim to be registered, licensed, and/or located in the United States in their solicitation of investors. The PAUSE Program also lists entities that impersonate genuine U.S. registered securities firms as well as fictitious regulators, governmental agencies, or international organizations.

                                - UnregisteredSoliciting Entities
                                - FictitiousRegulators
                                - Impersonators ofGenuine Firms

## Unregistered Soliciting Entities

These are entities that falsely claim to be registered, licensed, and/or located in the United States in their solicitation of investors.

In many cases, SEC investigation reveals that the soliciting entities are not registered in the United States as they claim or imply. In an effort to warn the public about these entities, the SEC is publishing information it has learned in reviewing these complaints.

For each of the entities listed, the SEC has determined that there is no US registered securities firm with this name. Where applicable, the "Note" section for each entity provides additional relevant information we have learned. The SEC will regularly update this list.

## Fictitious Regulators

These are entities that falsely claim to be a regulator, governmental agency, or international organization that do not exist.

In many cases, SEC investigation reveals that the so-called governmental agencies or international organizations claimed to have lent support to thesesolicitations do not exist. Where applicable, the "Note" section for each entity provides additional relevant information we have learned. The SEC will regularly update this list.

## Impersonators of Genuine Firms

These are legitimate entities/firms whose information were wrongfully appropriated. This information may include legitimate entity’s name, address, registration number, and website likeness.

The information was wrongfully appropriated from publicly available databases such as EDGAR and FINRA’s BrokerCheck, and set up phony websites in order to confuse and deceive investors. In other cases, these “spoofer” entities have appropriated the registration information of legitimate firms that recently terminated their registration with the SEC and FINRA or did so years ago. Similarly, representatives of the impersonating entities who cold-call investors often claim to be licensed employees of the legitimate firms being impersonated or of other legitimate firms.

The SEC has determined that the impersonators have no connection with, and are not to be confused with, the genuine firms, whether active or defunct. The SEC will regularly update this list.

## Investor Education

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Check out Your Investment Professional

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Types of Fraud

How to Avoid Fraud

-View All-Fictitious RegulatorsImpersonators of Genuine FirmsUnregistered Soliciting Entities

Public Alert: Unregistered Soliciting Entities (PAUSE) Table

1
You should be aware that the PAUSE lists do not include all unregistered entities, impersonators of genuine firms, fake regulators,or entities that have been the subject of complaints received by the SEC. Also, you should understand that the inclusion of a nameon these lists does not mean that the SEC has concluded that a violation of the US securities laws has occurred or that the SEChas made any judgment about the merits of the securities being offered by these entities.

You can view the official SEC release describing and providing more details about this list. If you have information, questions orcomments about the entities on this list, submit a question or complaint to the SEC.

To view the SEC's Data Quality Guidelines, click here.

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