TDCI Orders Unregistered Securities Firm To Cease and Desist

NASHVILLE – The Tennessee Department of Commerce & Insurance’s (TDCI) Securities Division has ordered an unregistered Waynesboro, Tenn. investment firm to immediately discontinue offering to sell securities and continuing to put Tennessee investors at risk.

TDCI recently filed a Cease and Desist Order against Cumulus Financial Services, Inc. (113 Sugar Tree Lane, Waynesboro, Tenn.) as well as the business entities the company conducts business as, including Alta Cumulus, Skyline Financial, among others. The company and its owner John Crandall have been illegally offering to sell investments in Tennessee – either in person or via the company’s website –  despite not being registered to sell securities in the State of Tennessee. 

TDCI was made aware of the company’s activities in June and began an investigation, which culminated in the Cease and Desist order being filed. 

“The Tennessee Securities Division is committed to protecting Tennessee investors and maintaining the integrity of the securities industry,” said TDCI Assistant Commissioner for Securities Frank Borger-Gilligan. “We are, therefore, pleased that Cumulus Financial Services has agreed to Cease and Desist from offering or selling securities in the state without a license.”   

For information on securities, including how to register to sell securities in Tennessee, visit our website.

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