Biltmore Surrenders Broker-Dealer License

Midas Investment Group Inc., doing business as Biltmore Securities, has agreed to surrender its broker-dealer license in California, Commissioner of Corporations Dale Bonner said. “We were seeking a revocation of the company’s broker-dealer license and a bar of the principals based on a pattern of sales practice abuses in the microcap market,” Bonner said. His announcement came as a hearing was scheduled to begin Monday. Fort Lauderdale, Fla.-based Biltmore has been the subject of enforcement actions by the states of Indiana and Arkansas and the Securities and Exchange Commission, Bonner said. Biltmore executives was unavailable for comment. In the settlement, which was entered into without the company or its principals admitting any wrongdoing, Biltmore agreed to surrender its state broker-dealer license, pay the department’s costs and not reapply for a state license for at least a year, Bonner said.