Securities & Markets

GS Partners, Heit, Shoto Violated Mississippi Securities Act

The Mississippi Secretary of State has issued a Cease and Desist Order against GS Partners Global, Josip Heit, and Richard L. Shoto for violating the Mississippi Securities Act. The order alleges violations related to the offer and sale of unregistered securities, specifically 'Meta Certificates', and engaging in deceptive practices to recruit investors.

ACC Orders $4.14M Restitution and Penalties for Business Automation Scheme

The Arizona Corporation Commission ordered Ryan Morgan and All Done Consulting, LLC to pay $4,143,670 in restitution and $510,000 in administrative penalties for violating the Arizona Securities Act. The order stems from a business automation scheme that defrauded 109 investors.

Arizona Corporation Commission Closes Densco Case, Recovers $19.7M for Investors

The Arizona Corporation Commission (ACC) has closed its civil case against Densco Investment Corporation after recovering nearly $19.7 million for defrauded investors. The ACC filed the complaint in 2016 for violations of the Arizona Securities Act, stemming from misrepresentations about real estate loans.

Arizona Corporation Commission Orders $10,000 Penalty for Craigslist Securities Fraud

The Arizona Corporation Commission ordered Dean Douglas Odle and MCM AF Assets LLC to pay $10,000 in administrative penalties for violating the Securities Act. The respondents engaged in fraudulent Craigslist investment advertisements offering high returns with misrepresented risks.

First Union Brokerage Services Fined $5,000 for Unlicensed Activity

The Idaho Department of Finance has fined First Union Brokerage Services, Inc. $5,000 for selling securities in Idaho without being registered as a broker-dealer or having licensed agents. The firm must also offer rescission to affected Idaho residents.

Ohio Company Fined $5,000 for Securities Violations

The Idaho Department of Finance has fined The Ohio Company $5,000 for violating the Idaho Securities Act. The company operated as an unregistered broker-dealer and used unlicensed agents to sell securities in Idaho.

ORB Industries and Charles Hight - Cease and Desist Order

The Idaho Department of Finance has issued a Cease and Desist Order against ORB Industries, Inc. and Charles C. Hight for violations of the Idaho Securities Act. The order includes a $2,500 fine and prohibits further unregistered securities offerings.

Union Financial Corporation - Mortgage Violations Cease and Desist Order

The Idaho Department of Finance issued a Cease and Desist Order against Union Financial Corporation for mortgage violations. The order requires the company to cease mortgage banking activities without a proper license and pay a penalty.

Budget Finance Co. Ordered to Reopen Business

The West Virginia Division of Financial Institutions has ordered Budget Finance Company to reopen its business by November 30, 2015. The company was found to have closed indefinitely without authorization, potentially violating licensing regulations.

Ultralight FS, Inc. License Revoked by Consent Order

The West Virginia Division of Financial Institutions has revoked the money transmitter license of Ultralight FS, Inc. (formerly Obopay, Inc.) via a consent order. The revocation stems from serious violations of state and federal money transmission laws discovered during an examination.