In a move to protect investors from fraudulent schemes, the Tennessee Securities Board announced today that they have taken significant actions against two individuals and their companies for illegally selling securities in the state.The first case involves John Smith, who was found to be operating an unregistered investment firm called Smith Investments LLC. Smith was allegedly soliciting investments from Tennessee residents without being properly registered with the state securities regulators. In addition, Smith was accused of making false and misleading statements to investors in order to persuade them to invest in his company.The Tennessee Securities Board has issued a cease and desist order against Smith and his company, and has fined him $50,000 for violating state securities laws. They have also ordered Smith to repay all investors who were affected by his illegal activities.The second case involves Jane Doe, who was found to be operating a Ponzi scheme through her company, Doe Enterprises. Doe was accused of using investor funds to pay earlier investors in order to create the appearance of legitimate returns. The Tennessee Securities Board has shut down Doe Enterprises and frozen all of its assets. They have also filed criminal charges against Jane Doe for securities fraud."These actions send a clear message that the Tennessee Securities Board will not tolerate illegal investment schemes that harm investors," said Sarah Johnson, Commissioner of the Tennessee Department of Commerce and Insurance. "We are committed to protecting investors and maintaining the integrity of our state's securities markets."Investors who believe they may have been victimized by these schemes are encouraged to contact the Tennessee Securities Board to file a complaint and seek restitution. The Board also reminds investors to always research investment opportunities thoroughly and verify that individuals and companies are properly registered before investing.