State issues preliminary order against fundraiser
A fundraiser who is accused of selling more than $300,000 of unregistered securities to Hawaiçi investors has been issued a preliminary cease-and-desist order by state Commissioner of Securities Tung Chan.
The order said Maria P. Abello, who did business as Teancum Inc., was hired by the National Korean War Museum to help with its development and raising funds for the museum, and alleges Abello misrepresented that the project was backed by the federal government while promising investment returns of 5 percent ot 30 percent.
The state accuses Abello of using investor funds for her personal expenses and that she violated Hawaiçis securities registration and antifraud provisions. The state is seeking a $350,000 penalty and injunction against future violations along with paying restitution to investors.