Updated at 2:52 p.m., Monday, September 10, 2007
State takes action against Honolulu financial adviser
Advertiser Staff
Honolulu financial adviser Mark K. Teruya's insurance license has been suspended by the state Insurance Division, which is also looking to permanently revoke the license.The action follows steps taken by the state Securities Commissioner and U.S. Securities and Exchange Commission last week to stop Teruya, president of Senior Resources of Hawaii Inc., from providing financial advice to senior citizens. Those two agencies alleged Teruya and his firm, which does business as USA Wealth Resources, had defrauded senior citizens.
The Insurance Division alleged Teruya induced an 82-year-old to sign documents giving access to the person's financial institution. The state alleged Teruya used the form without the client's permission to transfer more than $100,000 from one insurer to another. State Deputy Insurance Commissioner Gordon Ito said the division is continuing other investigations on related matters and that more actions may be forthcoming.
