Posted at 10:52 a.m., Monday, December 18, 2006
State moves against unregistered securities dealers
Advertiser StaffState regulators have issued a cease and desist order against three men accused of selling unregistered securities in Hawai'i.
The three, Joseph W. Sullivan, Daryn K. Murai and Chad Morisato, are connected with a company called The Swiss Group Ltd., according to a news release from the Department of Commerce and Consumer Affairs.
In addition to ordering three to stop selling unregistered securities, regulators are seeing an administrative penalty of $1 million collectively against the men.
The preliminary order alleges the three "have solicited, offered, sold or transacted in unregistered securities while not duly registered as securities dealers, salespersons, investment advisers, and/or investment adviser representatives in the State of Hawai'i."