Arkansas Securities Department Issues Cease and Desist in Fraud Investigation

by George Waldon  on Thursday, Feb. 21, 2013 1:41 pm  

A cease and desist order was issued Thursday against Money in the Bank Inc., Sun Vest LLC and James Banning of Hot Springs as part of a fraud investigation by the Arkansas Securities Department.

Arkansas Securities Commissioner Heath Abshure ordered the trio to stop selling unregistered securities.

Banning said he hadn't seen the order and had no comment at this time.

According to the ASD, investors were given promissory or equity participation notes in exchange for cash that was to be used to buy real estate at tax delinquency sales.

"Money in the Bank and Banning made repeated misstatements or misrepresentations about the securities and the investment plan or scheme they offered and sold to investors," the order stated.



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