J W Korth & Company

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)

( )
( )
( )
( )
( )
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NATIONAL ASSOCIATION OF SECURITIES DEALERS (FINRA)
2.
Principal Sanction:
Censure
Other Sanctions: 
$2,000 MONETARY FINE.
3.
Date Initiated (MM/DD/YYYY): 
04/09/2007
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
20060037202601
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Debt - Corporate
Other Product Types: 
MUNICIPAL SECURITIES

7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
NASD RULE 2110,6230 AND MSRB RULE G-14: RESPONDENT MEMBER FIRM REPORTED ITS MUNICIPAL SECURITIES TRANSACTIONS TO THE MSRB LATE:
AND ITS CORPORATE BOND TRANSACTIONS REPORTED THROUGH TRACE WERE REPORTED LATE.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
04/09/2007
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 2,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
WITHOUT ADMITTING OR DENYING THE FINDINGS, RESPONDENT MEMBER FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY
OF FINDINGS: THEREFORE, FIRM IS CENSURED AND FINED $2000.00
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS DOCKET WAS INITIATED AND CLOSED 04/09/07. THE $2,000 FINE WAS PAID. OUR FIRM WAS GIVEN NOTICE THAT OUR FORM BD WAS NOT
UPDATED. I HAVE REVIEWED THE CASE AND UPDATED IT AS OF 10/02/2007

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates

If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
1091113
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
KORTH, JAMES WILDER
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
STATE OF CONNECTICUT DEPARTMENT OF BANKING
2.
Principal Sanction:
Denial
Other Sanctions: 
CONDITIONED WITHDRAWAL 1) 36 MONTHS NOT REAPPLY; 2) DURING THE THIRTY-SIX MONTH PERIOD, THE RESPONDENT WOULD NOT RELY ON ANY
DEFINITIONAL EXCLUSION OR EXEMPTION THAT WOULD OTHERWISE EXCUSE REGIST
3.
Date Initiated (MM/DD/YYYY): 
09/04/2003
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
ND-2003-6851-S
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
J. W. KORTH & COMPANY
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
9/4/03 DUE TO ACTION BY THE SEC IN 1997 REGARDING A PRINCIPLED DISPUTE OVER THE REASONABLENESS UNDER THE LAW OF PROVIDING THE
SERIAL NUMBERS OF CERTAIN BONDS TO EXAMINERS WHEN DOING SO MAY HAVE DEBILITATED THE INTERESTS OF J W KORTH CUSTOMERS(PLEASE
SEE CIVIL DRP FOR DETAILS), THE STATE OF CONNECTICUT PLANNED TO DENY REGISTRATION UNLESS J W K0RTH ATTENDED A HEARING THERE. IT
WAS NOT ECONOMICALLY FEASIBLE TO ATTEND THE HEARING AND THE APPLICATION WAS WITHDRAWN.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

J W KORTH WITHDREW ITS APPLICATION.
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Other
11. Resolution Date (MM/DD/YYYY):
10/22/2003
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
IN LIEU OF CONTESTING THE ALLEGATIONS IN THE NOTICE OF INTENT TO DENY, THE RESPONDENT SOUGHT TO WITHDRAW ITS APPLICATION,
AND REPRESENTED TO THE AGENCY THAT IT HAD TRANSACTED NO SECURITIES BUSINESS WITH CONNECTICUT RESIDENTS. ON 10/22/2003, THE
CONNECTICUT BANKING COMMISSIONER ISSUED AN ORDER CONDITIONING THE RESPONDENT'S WITHDRAWAL. THE ORDER CONDITIONING
WITHDRAWAL RENDERED THAT WITHDRAWAL EFFECTIVE AS OF OCTOBER 22, 2003 SUBJECT TO CERTAIN CONDITIONS: 1) FOR THIRTY-SIX
MONTHS, THE RESPONDENT WOULD NOT REAPPLY FOR REGISTRATION IN CONNECTICUT AS A BROKER-DEALER OR INVESTMENT ADVISER; 2)
DURING THE THIRTY-SIX MONTH PERIOD, THE RESPONDENT WOULD NOT RELY ON ANY DEFINITIONAL EXCLUSION OR EXEMPTION THAT WOULD
OTHERWISE EXCUSE REGISTRATION BY A PERSON TRANSACTING BUSINESS IN CONNECTICUT AS A BROKER-DEALER OR INVESTMENT ADVISER; 3)
AT THE CONCLUSION OF THE THIRTY-SIX MONTH PERIOD, THE RESPONDENT COULD APPLY FOR REGISTRATION AS LONG AS IT FURNISHED A
WRITTEN SUBMISSION STATING THAT IT HAD NOT BEEN THE SUBJECT OF ANY SECURITIES-RELATED COMPLAINT, ACTION OR PROCEEDING SINCE
THE ENTRY OF THE CONDITIONING ORDER AND HAD BEEN IN COMPLIANCE WITH THE CONDITIONING ORDER; AND 4) THE RESPONDENT WOULD
NOT VIOLATE THE CONNECTICUT UNIFORM SECURITIES ACT OR ANY RULE, REGULATION OR ORDER UNDER THE ACT.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
IN LIEU OF CONTESTING THE ALLEGATIONS IN THE NOTICE OF INTENT TO DENY, THE RESPONDENT SOUGHT TO WITHDRAW ITS APPLICATION,
AND REPRESENTED TO THE AGENCY THAT IT HAD TRANSACTED NO SECURITIES BUSINESS WITH CONNECTICUT RESIDENTS. ON 10/22/2003, THE
CONNECTICUT BANKING COMMISSIONER ISSUED AN ORDER CONDITIONING THE RESPONDENT'S WITHDRAWAL. THE ORDER CONDITIONING
WITHDRAWAL RENDERED THAT WITHDRAWAL EFFECTIVE AS OF OCTOBER 22, 2003 SUBJECT TO CERTAIN CONDITIONS: 1) FOR THIRTY-SIX
MONTHS, THE RESPONDENT WOULD NOT REAPPLY FOR REGISTRATION IN CONNECTICUT AS A BROKER-DEALER OR INVESTMENT ADVISER; 2)
DURING THE THIRTY-SIX MONTH PERIOD, THE RESPONDENT WOULD NOT RELY ON ANY DEFINITIONAL EXCLUSION OR EXEMPTION THAT WOULD
OTHERWISE EXCUSE REGISTRATION BY A PERSON TRANSACTING BUSINESS IN CONNECTICUT AS A BROKER-DEALER OR INVESTMENT ADVISER; 3)
AT THE CONCLUSION OF THE THIRTY-SIX MONTH PERIOD, THE RESPONDENT COULD APPLY FOR REGISTRATION AS LONG AS IT FURNISHED A
WRITTEN SUBMISSION STATING THAT IT HAD NOT BEEN THE SUBJECT OF ANY SECURITIES-RELATED COMPLAINT, ACTION OR PROCEEDING SINCE
THE ENTRY OF THE CONDITIONING ORDER AND HAD BEEN IN COMPLIANCE WITH THE CONDITIONING ORDER; AND 4) THE RESPONDENT WOULD
NOT VIOLATE THE CONNECTICUT UNIFORM SECURITIES ACT OR ANY RULE, REGULATION OR ORDER UNDER THE ACT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
J W KORTH WITHDREW ITS APPLICATION FOR REGISTRATION IN CONNECTICUT.....10/22/08 J.W. KORTH APPLIED AND WAS GRANTED REGISTRATION IN
CONNECTICUT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 

p
g
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
1091113
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
KORTH, JAMES WILDER
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
INJUNCTION/CENSURE MONETARY/FINE
3.
Date Initiated (MM/DD/YYYY): 
02/04/1997
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
3-9644
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
J.W. KORTH & COMPANY
6.
Principal Product Type:
Debt - Government
Other Product Types: 

7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
VIOLATIONS OF SECTIONS 17(A)(1) AND 17(B)OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULE 17A-4(J) THEREUNDER.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
07/08/1998
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 55,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
COMPANY WAS FINED $55,000.00 AND JAMES W. KORTH WAS FINED $5,500.00. FINES WERE PAID IN FULL ON AUGUST 27, 1998.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
IN A PRINCIPLED DISPUTE WITH SEC WHICH DID NOT INVOLVE CUSTOMERS OR INVESTORS, COMPANY FOUND IT UNREASONABLE TO GIVE SERIAL
NUMBERS OF DEFAULTED GERMAN BONDS TO SEC WHEN GERMANY CLAIMED SOME WERE STOLEN AND WOULD NOT PUBLISH LOST AND STOLEN LIST
AS REQUIRED BY U.S. LAW. COURT FOUND COMPANY'S ARGUMENT WITHOUT MERIT AND FOUND INFRACTION AND ENTERED CENSURE AND FINE
AGAINST COMPANY. SERIAL NUMBERS WERE TURNED OVER TO SEC. NO HARM TO CUSTOMERS, INVESTORS OR ANY OTHER PARTIES WAS FOUND.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates

If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)
2.
Principal Sanction:
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/10/2014
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2012030738501
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Debt - Municipal
Other Product Types: 
CORPORATE DEBT, CMO
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ITEM 7. FINRA ALLEGED OUR FIRM CHARGED CUSTOMERS EXCESSIVE MARK-UPS OR MARK DOWNS ON A TOTAL OF 69 MUNICIPAL, CORPORATE AND
CMO TRANSACTIONS OUT OF A TOTAL OF MORE THAN 18000 FROM APRIL 2009 TO DECEMBER 2011.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision
11. Resolution Date (MM/DD/YYYY):
05/31/2022
 Exact
 Explanation

If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
RETAIN AN INDEPENDENT CONSULTANT WITH EXPERIENCE IN ESTABLISHING PRICING PROCEDURES FOR SALES AND PURCHASES OF DEBT
SECURITIES FOR THE LIMITED PURPOSE OF REVIEWING OUR FIRM'S PRICING PROCEDURES.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
OUR FIRM WAS CENSURED, ORDERED TO PAY RESTITUTION OF $29,268, PLUS $1,681.52 IN APPEAL COSTS, AND ORDERED US TO RETAIN AN
INDEPENDENT CONSULTANT WITH EXPERIENCE IN ESTABLISHING PRICING PROCEDURES FOR SALES AND PURCHASES OF DEBT SECURITIES FOR
THE LIMITED PURPOSE OF REVIEWING OUR FIRM'S PRICING PROCEDURES.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
AN INDEPENDENT CONSULTANT WILL BE RETAINED FOR A REVIEW OF OUR PRICING POLICIES AND RESTITUTION WILL BE MADE TO CLIENTS IN
ACCORDANCE WITH THE ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
COMMONWEALTH OF VIRGINIA, STATE CORPORATION COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
09/10/2014
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SEC-2014-00045
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE COMMISSION'S DIVISION OF SECURITIES AND RETAIL FRANCHISING CONDUCTED AN INVESTIGATION AND ALLEGED OUR FIRM VIOLATED 13.1-
504B OF THE ACT BY EMPLOYING AN UNREGISTERED AGENT FOR CERTAIN TRANSACTIONS OCCURRING IN 2011. THE COMMISSION ALSO ALLEGED OUR
FIRM VIOLATED STATUTE 21 VAC 5-20-240 BY NOT MAINTAINING TRUE AND ACCURATE RECORDS IN THAT THE INVESTOR'S LIQUID ASSETS FINANCIAL
INFORMATION ON THE NEW ACCOUNT FORM WAS INCORRECT AND THAT OUR FIRM FAILED TO ENSURE THE INFORMATION WAS FULL AND ACCURATE.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision & Order of Offer of Settlement
11. Resolution Date (MM/DD/YYYY):
01/30/2015
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 8,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
PAY THE COST OF INVESTIGATION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,

disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
$8,000 FINE ALONG WITH AN ADDITIONAL $2,000 TO DEFRAY COSTS OF THE INVESTIGATION..BOTH WERE PAID IN FULL WITH THE ENTRY OF THE
ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
IN MARCH OF 2014 THE COMMONWEALTH NOTIFIED OUR FIRM IT WAS INVESTIGATING WHETHER OR NOT WE WERE IN VIOLATION OF THE VIRGINIA
STATE SECURITIES ACT AND ASSOCIATED RULES. THEIR INVESTIGATION STEMMED FROM A SETTLEMENT WITH A CLIENT RESIDING IN VIRGINIA
CONCERNING THE SALE OF A BOND. OUR FIRM RESPONDED TO THEIR INQUIRIES AND PROVIDED ADDITIONAL INFORMATION. IT WAS DETERMINED OUR
FIRM ERRED IN BELIEVING TWO TRANSACTIONS BETWEEN OUR REPRESENTATIVE AND HIS FAMILY MEMBER WERE DE MINIMOUS AND DID NOT REQUIRE
VIRGINIA REGISTRATION AND FURTHER THE FIRM ERRED IN NOT CORRECTING THE ACCOUNT STATEMENT FOR AN ACCURATE ASSESSMENT OF THE
REPRESENTATIVE'S FAMILY MEMBER'S NET WORTH. ULTIMATELY THE MATTER WAS SETTLED FOR AN $8,000 FINE ALONG WITH AN ADDITIONAL $2,000
TO DEFRAY COSTS OF THE INVESTIGATION.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
5270817
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
MACDONALD-KORTH, HOLLY
CHRISTINA
(For individuals, Last, First,
Middle)
CRD
Number:
1091113
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
KORTH, JAMES WILDER
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item

11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UNITED STATES SECURITIES EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
MONETARY/FINE DISGORGEMENT/RESTITUTION CENSURE
3.
Date Initiated (MM/DD/YYYY): 
09/13/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
3-20539
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
UNSPECIFIED SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SEC ALLEGED OUR FIRM EFFECTED 201 RISKLESS PRINCIPAL TRANSACTIONS FROM MARCH 2015 TO OCTOBER 2018 FOR INVESTMENT ADVISORY
CLIENTS WITHOUT PROVIDING PRIOR WRITTEN DISCLOSURE OF OUR CAPACITY IN THE TRANSACTIONS AND OBTAINING TRANSACTION BY
TRANSACTION CONSENT. THE SEC ALLEGED THESE TRANSACTIONS WERE IN VIOLATION OF SECTION 206(3) OF THE ADVISERS ACT. ADDITIONALLY,
THE SEC ALLEGED OUR FIRM VIOLATED SECTION 206(4) AND RULE 206-4(7) BY FAILING TO IMPLEMENT WRITTEN POLICIES AND PROCEDURES
REASONABLY DESIGNED TO PREVENT VIOLATIONS OF SECTION 206(3) OF THE ADVISERS ACT
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
09/13/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 176,533.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension

B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
SANCTIONS INCLUDED A $125,000 CIVIL PENALTY FINE, $46,857 DISGORGEMENT AND $4,676 PREJUDGEMENT INTEREST. THE FULL AMOUNT
WAS LEVIED AGAINST THE FIRM AND IT WAS PAID IN FULL ON 09/14/21
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THIS MATTER INVOLVED RULE INTERPRETATIONS OF THE TECHNICAL ASPECTS OF RECORDING AND REPORTING FOR PURCHASES AND SALES OF BONDS
AND THE RELEVANCE OF CERTAIN DISCLOSURES. AS A RESULT OF THE PROCEEDINGS, OUR FIRM HAS MADE CHANGES TO OUR POLICIES AND
PROCEDURES REGARDING THESE TYPES OF TRANSACTIONS. FINES, DISGORGEMENTS AND PREJUDGMENT INTEREST HAS BEEN REMITTED TO THE SEC.