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On January 24, 2026, the Michigan Securities Commission announced that it had taken enforcement actions against several unregistered investment advisers operating in the state. The commission, along with the Michigan Attorney General's office, conducted a joint investigation into the activities of these individuals and found that they were offering investment advice and managing client portfolios without being properly registered.According to the commission, the unregistered advisers were soliciting clients through various means, including cold calling, social media, and word-of-mouth referrals. They were promising high returns on investments and claiming to have special expertise in certain markets, but were not providing the necessary disclosures or documentation required by law.The commission issued cease and desist orders to the individuals involved and imposed fines totaling over $100,000. In addition, the individuals were ordered to disgorge any ill-gotten gains and provide restitution to their clients.Michigan Securities Commissioner, Sarah Johnson, warned investors to be cautious when dealing with investment advisers and to verify their registration status before entrusting them with their money. She emphasized that registered advisers are required to follow strict regulations and adhere to fiduciary standards to protect investors' interests.The commission also encouraged anyone who had been solicited by an unregistered adviser or had concerns about their investment to contact the securities regulator for assistance.This enforcement action serves as a reminder to all investment advisers operating in Michigan to comply with state regulations and protect the interests of their clients. The commission will continue to monitor the industry closely and take swift action against any individuals or firms found to be in violation of securities laws.