INDIANAPOLIS | Two stockbrokers with ties to Northwest Indiana are the first individuals to lose their state securities dealer licenses for failing to pay child support.
Secretary of State Connie Lawson, whose office includes the Indiana Securities Division, suspended the professional licenses of Kenneth McCabe and Jeffrey Everaert on Tuesday — barring both men from selling securities in Indiana.
According to Lawson, McCabe owes more than $70,000 in child support payments in Lake County. Everaert is behind more than $14,000 in payments in Porter County.
"Hopefully the loss of their livelihood will give these men the motivation they need to start making child support payments," Lawson said.
"This also provides investors with some additional security," she said. "Investors don't want a securities professional who can't meet their own financial obligations telling them how to invest their hard-earned money."
A 2012 law, co-sponsored by state Sen. Frank Mrvan, D-Hammond, empowered the secretary of state to work with the Department of Child Services to identify state-licensed stockbrokers who have failed to make required child support payments.
Lawson said she found four financial professionals who each owed more than $4,000 in child support. Two paid up after she sent a warning letter in November.