Mass. Sec. of State obtains cease-and-desist order against Winthrop man
Secretary of State William F. Galvin has obtained an immediate cease-and-desist order against a Winthrop man for continuing to resell life insurance policies and dissipating the asset of investors, Galvin's office said today.
The Winthrop man, Joseph Gennaco, denied any wrongdoing.
In May, Galvin charged Gennaco with fraudulently selling insurance-related investment schemes that targeted the elderly, and today's motion stated that he has continued the practice with new investors, while continuing to operate as an unregistered investment adviser selling unregistered securities.
During a telephone interview today, Gennaco said, "I didn't target anybody."
He added: "The words 'schemes' and 'fraud' are used very loosely. We're selling people things they want."
According to Galvin's office, Gennaco can request a hearing on the cease-and-desist order.
(By Chris Reidy, Globe staff)
