Vermont Department of Financial Regulation Orders Colomont, Inc. to Pay Restitution – May Recover Investor Losses

Vermont Department of Financial Regulation Orders Colomont, Inc. to Pay Restitution – May Recover Investor Losses

Vermont Department of Financial Regulation orders Colomont, Inc. to pay restitution of approximately $419,000 to at least 375 individuals who purchased unregistered shares of the company.

Former AVANTAX INVESTMENT SERVICES, INC. registered representative, Stephen Polak Suspended and Fined Over His Role At Colomont, Inc.

STEPHEN M POLAK (CRD#: 5228523), a former broker for AVANTAX INVESTMENT SERVICES, INC. in St. Albans, VT, has been suspended and fined by the SEC over His Role At Colomont, Inc.  FINRA findings stated that Polak served as a board member of a corporation that grew and sold hemp related products. Polak had signatory authority over the corporation’s bank accounts, and primary responsibility for its accounting and bookkeeping, including maintaining the corporation’s ledger of transactions for its unregistered offering, and receiving payments from shareholders.

Polak served as the CFO for Colomont, Inc., whose principal business is developing and selling cannabidiol (“CBD”) and CBD-infused products.  According to the STATE OF VERMONT
DEPARTMENT OF FINANCIAL REGULATION’s stipulation and consent order, As of July 1,2022, respondent has ceased serving as a board member and the Chief
Financial Officer of Colomont and has ceased offering services in any other capacity to Colomont.

Vermont Department of Financial Regulation orders Colomont, Inc. to pay restitution.

Vermont Dept of Financial Reg Commissioner Orders Colomont, Inc. to Pay Restitution and Administrative Penalty

According a stipulation and consent order,  Stephen M Polak holds approximately 30 million shares in Colomont, all or a vast majority of which he was gifted by Colomont in return for or in recognition of Respondent’s service to Colomont.

Goodman & Nekvasil, P.A., is investigating brokers who may have unsuitably recommended investments to their clients.

St. Petersburg, Florida law firm Goodman & Nekvasil, P.A., has a national practice representing victimized investors.  The  firm continues to investigate brokerage firms that placed elderly retirees and other conservative investors in unsuitable investments.

Goodman & Nekvasil, P.A., has filed numerous cases against brokerage firms selling high-risk investments and has recovered more than $400 million dollars on behalf of victimized investors.

We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives.

There is no charge for an evaluation of your case. We handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee.

If you incurred losses on your investment and would like your case evaluated by a securities attorney, please contact us.

Some of the information in this blog post was obtained from FINRA on 8/2/24. If you believe this information was reported incorrectly, please contact our firm: 1-800-500-4442.