State revokes license of wealth manager in Longmont

DENVER – The Colorado Division of Securities on Tuesday said it has revoked the securities licenses of Andrew Hawkins-Kimmel and his company, M & A Wealth Management in Longmont.

Hawkins-Kimmel agreed to the revocation of his licenses, according to the statement issued by the division. For now, the revoked licenses will bar Hawkins-Kimmel and M & A from engaging in the securities industry in Colorado. The division’s investigation is on-going and focuses on Hawkins-Kimmel not maintaining records for fund transfers outlined by state law.

The division began its investigation into Hawkins-Kimmel and his company after receiving notice from Oregon Adult Protective Services regarding allegations that he was suspected of improperly removing funds from an investment account belonging to his parents, and housed with M & A.

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His parents have a pending civil suit in the federal District of Oregon against Hawkins-Kimmel in which they seek to compel him to account for any funds he transferred from his parents and seeking damages for breach of fiduciary duty, elder abuse, conversion and Oregon state securities law violations.

In that case, the Honorable U.S. Magistrate Judge Paul Papak found on Nov. 20 that between June 2010 and April 2013 Hawkins-Kimmel transferred $955,000 of his parents’ funds to accounts over which he exercised control. He then invested $463,100 of those funds into a company he operates and controls called H-K Resources.

An action was initiated by the Colorado Division of Securities to revoke Hawkins-Kimmel’s licenses following his refusal to produce requested documents detailing the records of investments, followed afterward by Hawkins-Kimmel’s claim that such documents did not exist.

“Failure to maintain the required documentation and failure to produce documents when requested is a basis for revocation of a license in Colorado,” Rome said in a statement addressing the actions taken against Hawkins-Kimmel. “When we face resistance in trying to trace a paper trail, it raises red flags for us. These requirements are meant to keep these types of businesses accountable to their customers.”