# LOEWEN, ONDAATJE, MCCUTCHEON USA, LLC X-17A-5 (2024-08-07) — Broker-dealer annual report - Company: LOEWEN, ONDAATJE, MCCUTCHEON USA, LLC - Form: X-17A-5 - Filed: 2024-08-07 - Period: 2024-03-31 - Accession: 0000914405-24-000003 - CIK: 914405 - File #: 8-46604 - Type: Broker-dealer - Material weakness: No - Auditor: Reid CPAs, LLP - Auditor location: Woodbury, NY - Contact: Francis G Mitchell - Phone: 6106877620 - Email: frank.mitcheii@bivsecurities.com - Website: bivsecurities.com - Signed by: Francis G. Mitchell (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/914405/000091440524000003/Public24.pdf --- {0}------------------------------------------------ ![](_page_0_Picture_0.jpeg) # LOEWEN,ONDAATJE, McCUTCHEON USA, LLC (DOING BUSINESSAS BLV SECURITIES) ![](_page_0_Picture_3.jpeg) Statement ofFinancial Condition FortheYearEnded March 31,2024 (With the Report ofIndependent Registered Public Accounting Firm Thereon) # PUBLICCOPY ![](_page_0_Picture_6.jpeg) MARCH31,2024 175STRAFFORDAVENUE—SUITE ONE WAYNE,PA19087 {1}------------------------------------------------ ![](_page_1_Picture_0.jpeg) # Table ofContents # FortheYearEnded March31,2024 # CONTENTS | Table
ofContents | 1 | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------| | PagetoFormX-17
A-5
Facing | 2 | | Affirmation
of
Officer | 3 | | StatementofFinancial
Condition | 4 | | Notes
totheFinancial
Statements | 5
-7 | | Supplementary
Information: | | | ScheduleI
under
Computation
ofNet
Rule
15c3-1
Capital
Exchange
Commission
8
ofthe
Securities
and | | | ofReserve
Schedule
Requirements
Computation
forDetermination
II
Exchange
Commission
under
Rule
15c3-3
oftheSecurities
and
9 | | | ReportofIndependent
Accounting
Firm
Registered
Public | 10 | {2}------------------------------------------------ UNITEDSTATES SECURITIES AND EXCHANGECOMMISSION Washington, D.C. 20549 > ANNUALREPORTS FORMX-17A-5 PARTIII OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30,2026 Estimated average burden hours per response: 12 > SEC FILE NUMBER 8-46604 ) FACING PAGE Information Required Pursuantto Rules 17a-5, 17a-12, and 18a-7 undertheSecurities ExchangeActof1934 | BEGINNING
PERIOD
FILING
FOR
THE | 04/01/23 | 03t31/24
ANDENDiNc | | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|-------------------------------------------|--| | | MM/DD/YY | MM/DD/YY | | | A.REGISTRANTIDENTIFICATION | | | | | NAMEOF
Loewen,
Ondaatje,
FIRM: | McCutcheon | USA,
LLC
(dba
BLV
Securities) | | | TYPE
OF
REGISTRANT(check
applicable
boxes):
all
swapdealer
swap
Majorsecurity-based
Security-based
0
O•
Broker-dealer
0
participant
Check
here
if respondent
dealer
derivatives
0
is also
an
OTC | | | | | ADDRESSOF
PLACE
OF
PRINCIPAL
BUSINESS:
(Do
notusea
P.O.
box
no.) | | | | | Avenue
StraPord
Suite
One
175
- | | | | | Wayne | PA
(No.
and
Street) | | | | | | 19087 | | | Wayne | PA | 19087 | |-------------------------|------------------------------------|----------------------------------| | (City) | (State) | Code)
(Zip | | CONTACTWITH
PERSONTO | REGARDTOTHIS
FILING | | | Frank
Mitchell | 610-687-7620 | frank.mitcheII@bIvsecurities.com | | (Name) | Code—Telephone
Number)
(Area | Address)
(Email | | | B.ACCOUNTANTIDENTIFICATION | | | | | 11797 | |--------|-------------------------------------------------------------------------------------------------|-----------------------------------------| | (City) | (State) | Code)
(Zip | | | | | | | Registration | Number,
if applicable) | | | | | | | | | | | WOOdbury
state
if individual,
last,
first,
and
ONLY
OFFICIAL
USE
FOR | name)
middle
NY
5861
(PCAOB | accountant must besupported bya statement offacts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. Personswho aretorespondtothecollection of information contained inthisformarenotrequiredto respond unlessthe form displaysa currently valid OMB control number. {3}------------------------------------------------ ## OATHORAFFIRMATION I, FRANCIS G.MITCHELL , swear (oraffirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of LOEWEN, ONDAATJE, McCUTCHEON USA, LLC (dba BLV SECUR1T1ES) , as of 3/31 ,2024 , is true and correct.I further swear(oraffirm) that neitherthe companynorany partner, officer, director, or equivalent person, asthe case may be,has any proprietary interest in any account classified solely as that ofa customer. - - - (c) Statement ofincome (loss) or, if there is other comprehensive income in the period(s) presented,a statement of comprehensive income (as defined in§ 210.1-02 ofRegulation S-X). - (d) Statement ofcash flows. - (e) Statement ofchanges in stockholders' or partners' or sole proprietor's equity. - (f) Statement ofchanges in liabilities subordinated toclaims of creditors. - (g) Notestoconsolidated financial statements. - (h) Computation ofnetcapital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - (i) Computation oftangible net worth under 17CFR 240.18a-2. - (j) Computation fordetermination ofcustomer reserve requirements pursuant toExhibitA to 17 CFR 240.15c3-3. - (k) Computation fordetermination ofsecurity-based swap reserve requirements pursuant to ExhibitB to 17 CFR 240.15c3-3 or ExhibitA to 17 CFR 240.18a-4, as applicable. - (I) Computation for Determination ofPAB Requirements under ExhibitA to§ 240.15c3-3. - (m) Information relating to possession or control requirements forcustomers under 17 CFR 240.15c3-3. - (n) Information relating to possession or control requirements forsecurity-based swapcustomers under 17CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - (o) Reconciliations, including appropriate explanations, of the FOCUSReport with computation ofnetcapital or tangible net worth under 17CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, ora statement that no material differences exist. - (p) Summaryoffinancial data forsubsidiaries not consolidated in the statement offinancial condition. - (q) Oath oraffirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (t) Independent public accountant's report based on an examination ofthe statement offinancial condition. - (u) Independent public accountant's report based on an examination ofthe financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - (v) Independent public accountant's report based on an examination ofcertain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (w) Independent public accountant's report based ona review ofthe exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - (y) Report describing any material inadequacies found toexist or found tohave existed since the date ofthe previous audit, or a statement that no material inadequacies exist, under 17CFR 240.17a-12(k). - (z) Other: - "'To request confidential rreotmenr of certain portions of this filing, see 1 7 CFR 240.1 7a-5(e)(3) or17 CFR 240.18a-7(d)(2), as applicable. {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### Statement ofFinancial Condition For theYearended March31,2024 # Assets | Cash
expenses
and
Prepaid
otherassets | \$
11,196
76 | |----------------------------------------------------------|-----------------------| | Assets
Total | \$
11,272 | | members'
capital
Liabilities
and | | | Liabilities:
Accounts
payable
PPP
loan | \$
2,500
15,634 | | Total
Liabilities | 18,134 | | Members'
capital:
Members'
capital
(deficit) | (6,862) | | members'
equity
Total
liabilities
and | \$
11,272 | The accompanying notes arean integral part of these financial statements. {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) NotestoFinancial Statements FortheYearended March31,2024 ## Note 1. NatureoftheOrganization: Loewen, Ondaatje, McCutcheon USA, LLC(doing business as BLV Securities), (the "Company"), isa Limited Liability Companythatwas formedonJuly20, 2017pursuanttoChapter605 oftheFlorida Revised Limited Liability CompanyActforthepurpose of, amongotherthings, from and after October 1, 2017, serving as the "Successor" to the Canadian corporation, Loewen, Ondaatje, McCutcheon USA Limited (the "Predecessor") that had, since its formation in 1993, operated in the capacity ofa U.S. broker dealer registered with the Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority ("FINRA"). Pursuant to its FINRA membership agreement, the Companydoes nothold customerfunds orsecurities and clears all customer securities transactions ona fully disclosed basis through its clearing broker, and consequently operates undertheexemptive provisions of S.E.C Rule 15c3-3(k)(2)(ii). ## Note2. Ownership: On April 1, 2023, the Company was 76% owned by FGM Capital, LLC (a Delaware Limited Liability Corporation) and 24% owned by Mr.Steven Rogovich (a passive investor). Effective at the close of business on June 30,2023, FGM Capital sold 24% ownership interest to Mr. Terrance Colter and 10% ownership interest to Belite Capital, LLC (both passive investors), thereby reducingthe ownership interest of FGM Capital, LLC to 42%. On October 4, 2023 FGM Capital, LLC entered into agreements tosell the entirety of its 42% ownership interest in the Companytotwoexisting memberpartners (with each agreeing to purchase an additional 21% ownership interest in the Company), wherebyeach ofthe individual purchasers (Messrs. Rogovich and Colter) would increase their passive ownership interest in the Company to45%, and whereby pursuant tothe termsoftheagreement, FGM Capital, LLC will be retained ona contract basis to manage theCompanyfora minimumofoneyearfromtheclosing dateofthe purchases. This purchase agreement is subject to approval by FINRA, where theCompany hasmade anapplication for such approval which was granted on June 20,2024andwill close on or aboutAugust 1, 2024. ## Note3. Significant Accounting Policies: These financial statements have been prepared in accordance with accounting principles generally accepted in the United States ofAmerica. The significant accounting policies are as follows: #### a) Basis of Accounting The accompanyingfinancial statements arepresented usingthe accrual basisof accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). References to the "ASC" hereafter refer to the Accounting Standards Codification established by the Financial AccountingStandards Board ("FASB") asthe source ofthe authoritative U.S. GAAP. {6}------------------------------------------------ ![](_page_6_Picture_0.jpeg) #### NotestoFinancial Statements FortheYearended March31,2024 Note3. Significant accounting policies (continued) #### b) Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires managementtomakeestimates and assumptionsthataffect certain reported amountsofassets and liabilities and disclosures of contingent assets and liabilities at the date ofthe financial statements and the reported amounts ofrevenues and expenses during the reporting period. Actual results could differ fromthose estimates. #### c) Allowance fordoubtful accounts. The Company considers accounts receivable to be fully collectible; accordingly, no allowance for uncollectible accounts is provided. If amountsbecomeuncollectible,theyarecharged tooperationswhen that determination is made.Therewere nouncollectible accountsforthe yearended March31,2024. d) Cash, cash equivalents, and restricted cash equivalents. The Companyconsiders deposits in banks and term deposits with original maturities of three monthsor less as cash and cash equivalents. On March 31,2024theCompanyhadnocash equivalents or restricted cash. e) Securities transactions and balances Customers' securities transactions are recorded ona settlement date basis, with related commission incomeand expense recorded ona trade date basis. Interest income is recorded on an accrual basis. f) Performance fees Performance fees are generated where theCompany serves asa sales and distribution agent forthe private placements ofsecurities on behalfofthe issuer or asa memberofa selling group. Such fees are recognized uponclosing such sales and distributions with investors. g) Othercontracted services fees FromtimetotimetheCompanymay provide otherservices for the convenience ofits customers. In these cases, the Companyperformsa simple actundercontract forwhich it receives an agreed upon service(s) fee and/ortime and materials fee. The performance obligation is partially or fully satisfied on the date(s) the service(s) is/are delivered becausethere are no remainingtasks which aretobe performed related to the service or the allocated time and materials portion thereofthat is delivered. #### h) Concentration ofcredit risk The Companymaintains cash accounts, whichattimesmay exceedthefederally insured limitof \$250,000. The Company hasnotexperienced any losses from maintaining cash accounts in excess of federally insured limits and management believes that it is not exposed toany significant credit risks in its cash accounts. {7}------------------------------------------------ ![](_page_7_Picture_0.jpeg) NotestoFinancial Statements Fortheyearended March31,2024 Note3. Significant accounting policies (continued) # i) Incometaxes The Companyhaselected to be treated asa partnership forfederal and state incometaxpurposes. Under those provisions, the Company does notpay federal or state income taxes. Instead, the members are liable for individual federal and state incometaxes on their share ofthe Company'staxable income. ### j) PPP Loan On May 4, 2020, the Company receiveda Payroll Protection Program (PPP) loan from the US Treasury Department — Small Business Administration ("SBA") for544,900. The Company is carryinga remaining balance in the amount of\$15,634, after all prior payments and cancellations, which matures on May 3, 2025, where theCompany anticipates receiving forgiveness for the remaining balance in August 2024 uponsubmission ofa final application forforgiveness. ## Note4. Regulatory net capital requirement: In the United States ofAmerica, asa registered broker-dealer,the Companyis subject to the Uniform Net Capital Rule of the SEC ("Rule 15c3-1"), which requires the maintenance ofminimum netcapital. The Company is required to maintain minimum netcapital of \$5,000 or6 2/3rds percent of aggregate indebtedness. On March 31,2024theCompanyhadnetcapital ofS8,696 orS3,696 abovetherequired minimum netcapital as of that date and the Company's netcapital ratio was 28.75%. # Note5. GoingConcernAssessment: While theaccompanying financial statements have been prepared assumingtheCompanywill continue asa goingconcern, AccountingStandards Update2014-15 requiresthat managementevaluate conditions or events that might raise substantial doubtabouttheCompany'sability to continue asa goingconcern. Management hasevaluated the Company's conditions and has determined that unless the Company generates enough revenue orcontinues to be funded by its memberpartners, there is substantial doubt about theCompany's ability to continue asa going concern. The accompanying financial statements do not include any adjustments that might result from the outcome ofthis uncertainty; however, the memberpartners have pledged to provide any sufficient capital supportoverthe nextyeartoenablethe Company tocontinue asa going concern and maintain net capital in excess of regulatory required minimums. # Note6. Subsequent events: Managementhasevaluated events subsequenttothebalance sheetdateforitems requiring recording or disclosure in the financial statements. The evaluation was performed through August 1, 2024which is the datethe financial statements were available to be issued. On June 20,2024, FINRAgranted approval for the ownership change referenced in Note 2. and the related purchase and sale transactions are expected toclose on or aboutAugust 1, 2024. {8}------------------------------------------------ ![](_page_8_Picture_0.jpeg) # SUPPLEMENTAL INFORMATION ### Computation ofNetCapital March 31,2024 #### ScheduleI - Computation ofnetcapital and aggregate indebtedness underRule 15c3-1 ofthe Securities and ExchangeCommission March31,2024 | Members'
from
statementoffinancial
Total
condition
capital | | |-------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------| | Credit
factors:
Members'
equity
(deficit)
loan
PPP | (6,862)
15,634 | | members'
equity
and
Total
liabilities | 8,772 | | Debitfactors:
Non-allowable
assets | 76 | | Net
capital | 8,696 | | minimum
netcapital
Less
requirements
or\$5,000
Greaterof6-2/3rds%
ofaggregate
indebtedness | 5,000 | | Excess
netcapital | \$
3,696 | | (maximum
1500%)
allowance
Capital
ratio
Aggregate
2,500
indebtedness
(*)
28.75%
8,696
=
Divided
by
net
capital | | | Aggregate
indebtedness | \$
2,500 | \*There areno material differences betweenthecomputation ofnetcapital presented aboveand thecomputation ofnetcapital reported in the Company's unaudited FormX-17A-5 Part IIA filing of March 31,2024. {9}------------------------------------------------ ![](_page_9_Picture_0.jpeg) # Computation forDetermination ofReserve Requirements March 31,2024 Schedule II - Computation forDetermination ofReserve Requirements under Rule 15c3-3 ofthe Securities and Exchange Commission (Expressed in U.S. dollars) March 31,2024. The companyclaims exemption fromtherequirements ofRule 15c3-3, underSection (k)(2)(ii) of the Rule. {10}------------------------------------------------ ![](_page_10_Picture_0.jpeg) 7600Jericho Tui npil‹e, Su ite 400 Woodbui-y, BY 11797 P:5 I 6-802-0 100• F:5 I ó-3ó4-9ó00 462 Seventh Ave, 16 FI New Yorl‹, BY 1 00 18 P:2 I 2-279-8430• F:2 I 2-279-8462 ReidAdvisorsLLC.com # REPORTOFINDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM TotheMembersof BLV Securities Reid CPAs, LLP # Opinion on theFinancial Statement We haveauditedtheaccompanying statement of financial condition ofBLV Securities as of March31,2024, and therelated notes (collectively referred to as the "financial statement"). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of BLV Securities as of March31,2024 inconformity with accounting principles generally accepted intheUnited States of America. # Basis forOpinion This financial statement is the responsibility of BLV Securities's management. Our responsibility is to express an opinionon BLV Securities's financial statement basedon ouraudit. We area public accounting firmregistered with the Public Company Accounting Oversight Board (United States) (PCAOB) andarerequired to be independent withrespectto BLV Securities in accordance withtheU.S. federal securities laws and theapplicable rules and regulations of the Securities and Exchange Commission andthePCAOB. We conducted our audit in accordance with thestandards of the PCAOB. Those standards require that we plan and perform theaudit to obtain reasonable assurance about whether thefinancial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement ofthefinancial statement, whether due toerror or fraud, and performing procedures that respondtothose risks. Suchprocedures included examining, ona test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit providesa reasonable basis for our opinion. We haveserved asBLV Securities's auditor since 2024. Woodbury, NY August 1, 2024 "Reid Accountants+ Advisors" is the brand name underwhich Reid CPAs, LLPand Reid Tax& Advisory Services, LLC and its subsidiary entities provide professional services. Reid CPAs, LLPand Reid Tax& Advisory Services, LLC (and its subsidiary entities) practice as an alternative practice structure in accordance with the AICPACodeofProfessional Conductand applicable laws, regulations, and professional standards. Reid CPAs, LLPisa licensed independent CPA firm that provides attest services to its clients, and Reid Tax& Advisory Services, LLC, and its subsidiay entities provide tax and business consulting services to their clients. Reid Tax& Advisor Services, LLC, and its subsidiary entities are not licensed CPA firms. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.