
| State Orders Cease and Desist Sale of Unregistered Securities |
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| Written by KGMB9 News - news@kgmb9.com | |
| July 08, 2008 09:55 AM | |
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Hawaii Commissioner of Securities Tung Chan issued a preliminary order to cease and desist against a Texas-based company and its president and CEO. JAIC Retirement Services, Inc. and Andrew O. Steger are accused of defrauding Hawaii investors in a "prime bank" scheme that netted at least $630,000. The preliminary order alleges the company and Steger solicited investors in Hawaii stating that they would place the monies in a "top" bank. Investors were promised a 37 percent to 45 percent profit in 370 days. The defendants are accused of violating the state's securities registration and antifraud provisions. The preliminary order seeks permanent injunctions against future violations, rescission and restitution and administrative penalties of $160,000 for each respondent.
Anyone who has been solicited by or transacted business with any of the above named parties is urged to contact the state's Securities Enforcement Branch. |
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| Last Updated ( July 08, 2008 09:55 AM ) |
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