Towson Firm Accused Of Fraud

TOWSON, MD — A Towson wealth management firm has been ordered to cease and desist operations immediately, by order of the Maryland attorney general. High Point Insurance Solutions and High Point Wealth Management are accused of violating securities laws and engaging in fraud.

“We acted swiftly to protect Maryland investors against further losses from recommendations
made by an unlicensed investment adviser,” Attorney General Brian Frosh said in a statement. "The Securities Division of my office will pursue and hold accountable any individual or business that
jeopardizes the hard-earned savings and investments of Marylanders."

The attorney general alleges that High Point took over the Towson offices of Everest Wealth Management company and solicited that firm's clients, then provided them with guidance it was not qualified to offer and failed to provide necessary disclosure information to clients.

Perry C. Santillo Jr., owner/CEO of High Point, has never been registered as a broker-dealer, investment adviser, broker-dealer agent or investment adviser representative in Maryland, according to the cease and desist order.

High Point is located on West Road in Towson.

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