The securities regulator for Massachusetts said on Wednesday he has reached a settlement with seven firms in connection with unauthorized proxy voting in American Realty Capital.

William Galvin, secretary for the commonwealth of Massachusetts, said his office uncovered how Realty Capital Securities' employees fabricated numerous shareholder proxy votes, but also were assisted by other financial service firms. Galvin's office issued orders against seven firms: Voyage Financial Advisors Inc, FM Capital Corporation, Invest Financial Corporation, Newbridge Securities Corporation, Plaiter Securities LLC, Platinum Wealth Partners Inc and TOG Financial.

Each order calls for a permanent cease and desist, censure, administrative fines totaling $238,000 and changes to firms' supervisory policies and procedures on proxy voting.