Initiated By
MICHIGAN
Allegations
1) OFFER AND SALE OF UNREGISTERED NONEXEMPT SECURITIES, 2) OMISSION TO STATE MATERIAL FACTS, 3) UNTRUE STATEMENTS OF MATERIAL FACT, 4) UNREGISTERED AGENT.
Resolution
Consent
Sanctions
Cease and Desist
Sanctions
Civil and Administrative Penalty(ies)/Fine(s)
Amount
$5,000.00
Sanctions
DISASSOCIATE FROM ANY ASPECT OF OFFERING AND SELLING SECURITIES IN MICHIGAN.
Broker Comment
IT IS IMPORTANT TO NOTE THAT NONE OF THE SEVEN(7) INDIVIDUALS WHO WERE TO OBTAIN A PROMISSORY NOTE FILED ANY TYPE OF COMPLAINT. ALSO, ALL OF THE SEVEN INDIVIDUALS RECEIVED BACK AT LEAST 75 PERCENT OR MORE OF DEPOSIT. ALSO, A FULL COPY OF THE COMPLAINT, ANSWER, AND CONSENT ORDER HAS BEEN PROVIDED FOR REFERENCE.
IN RESPONSE TO QUESTION 14D(1)(A), IN JULY 1999, PURSUANT TO CONSENT ORDER, THE STATE OF MICHIGAN DEPARTMENT OF CONUSMER AND INDUSTRY SERVICES MADE A FINDING THAT I MADE AN UNTRUE STATEMENTS OF MATERIAL FACT, OR OMITTED TO STATE MATERIAL FACTS. NO FINDINGS WERE MADE REGARDING DISHONESTY, UNFAIRNESS OR UNETHICAL ACTIONS. I MAKE THIS STATEMENT WITH KNOWLEDGE THAT THIS FORM U4 BECOMES A PART OF MY PERMANENT RECORD, AND I FIND IT IMPORTANT TO EXPLAIN THAT WHILE THESE FINDINGS FORMED A PART OF CONSENT ORDER, I CONSIDER IT A PERSONAL MISTAKE TO HAVE ALLOWED THESE FINDINGS TO HAVE BEEN INCLUDED IN THE CONSENT ORDER IN THE MANNER IN WHICH THESE FINDINGS WERE DEPICTED. I WISH TO PLACE ON THE RECORD THAT IN NO WAY WERE ANY STATEMENTS INTENTIONALLY MADE TO MISLEAD OR DEFRAUD IN ANY WAY WHATSOEVER.
NO INTENIONALLY DISHONEST, UNFAIR OR UNETHICAL STATEMENTS OR ACTIONS OCCURRED IN REFERENCE TO MY INVOLVEMENT. LOOKING BACK ON THIS MATTER, IF I COULD REDO HOW THE REGULATORY RESOLUTION WAS ENACTED IN 1999, I WOULD HAVE BEEN MORE DILIGENT IN DEMANDING A DIFFERENT CONTENT TO THE CONSENT ORDER THEN THAT WHICH ACTUALLY RESULTED. WHILE THIS SHOULD NOT BE CONSTRUED AS AN EXCUSE FOR THE 1999 MATTER AS IT OCCURRED, I FEEL THAT IT IS VERY IMPORTANT TO PROTECT MY PERSONAL INTEGRITY SINCE IT IS MY MOST VALUED POSSESSION. I TAKE FULL RESPONSIBILITY FOR MY ACTIONS, ADMIT THAT MY INVOLVEMENT IN THIS MATTER WAS A SIGNIFICANT MISTAKE ON MY PART, AND REGRET ANY INVOLVEMENT. HOWEVER, I ALSO TAKE PRIDE IN THE FACT THAT AFTER SPENDING COUNTLESS HOURS IN EFFORTS TO PROVIDE RESITITUTION TO MY SEVEN (7) CLIENTS THAT WERE INVOLVED, EACH OF THESE SEVEN (7) CLIENTS RECEIVED A REFUND OF THE SIGNIFICANT MAJORITY OF THEIR MONEY.