General Information

The Indiana Secretary of State, Securities Division (“Division”) regulates the securities industry in Indiana. The mission of the Division is to encourage capital formation and business development in Indiana by maintaining the integrity of the securities market. This is accomplished by overseeing the firms and individuals that engage in the offer and sale of securities to the public. The Division aims to help protect all Hoosier investors and welcomes complaints from concerned citizens as the information may be the only way that the Division becomes aware of fraud or unfair practices in the financial industry. One complaint could help protect other Hoosiers who may be taken advantage of in the future through the same or similar schemes. If you believe you are a victim of investment fraud of any kind, please file a complaint with the Division.

In addition to regulating the securities industry, the Division also has enforcement authority for Mortgage Loan Brokers, Collection Agencies, Franchisors, Commodities and Takeover Offers. If you believe any of these entities have violated Indiana law, please file a complaint with the Division.

Filing a complaint can be done using the Indiana Securities Portal or by completing the paper complaint form. When the Division receives your complaint, it will be acknowledged by mail, phone or email. A member of the Division will evaluate your complaint and may contact you or others for more information. If it appears a violation has occurred, the Division may open an investigation. Investigations vary in length of time, depending upon the complexity and size of the case. If the Division concludes a violation has occurred, it may bring an administrative action against the violator. If criminal prosecution is warranted, the case may be referred to the appropriate jurisdiction for action.

The Division does not have authority to provide legal or financial advice to investors. Any actions instituted by the Division with respect to alleged or purported violations are limited to remedial and enforcement actions seeking to prevent further violations. Any action by the Division would not necessarily result in any monetary benefit to the complainant. If you have suffered monetary loss, you may want to contact a private attorney to discuss your legal rights and remedies under the Indiana Uniform Securities Act or other statutes.

Whistleblower Program

In 2012, Indiana became the second state to establish a state securities whistleblower program. An individual who provides original information that would not have otherwise been known to the Division may be eligible for an award of up to 10% of the amount of the monetary penalty ordered in an action. More program information is available in Helpful Resources.

Requirements
  • Complaint must involve a violation of the Indiana Code sections regulated by the Division.
  • Complaint must be submitted on the Indiana Securities Portal or via paper form submitted to the Division.
Relevant Law

Indiana Uniform Securities Act [IC 23-19]
Indiana Franchises [IC 23-2-2.5]
Indiana Loan Brokers [IC 23-2.5]
Indiana Collection Agencies [IC 25-11]
Indiana Commodity Code [IC 23-2-6]
Indiana Takeover Offers [IC 23-2-3.1]

Helpful Resources

Indiana Securities Portal
Securities Division Complaint Form
Whistleblower Information

Division Personnel

Richard Neff
Senior Investigator
rneff@sos.in.gov
317-232-0736

Will Brainard
Senior Enforcement Counsel
wbrainard@sos.in.gov
317-232-6683