Indiana Secretary of State Todd Rokita’s Securities Division orders unlicensed Fort Wayne businessman to stop selling investments immediately
FOR IMMEDIATE RELEASE
June 11, 2010
Secretary Rokita urges Hoosiers to avoid buying securities from Randell E. Morrison and his companies
(Indianapolis) – Indiana Secretary of State Todd Rokita’s Securities Division has issued a cease-and-desist order against a Fort Wayne resident and his businesses after discovering multiple violations of the Indiana Uniform Securities Act. The order finds that Randell E. Morrison, who operates the businesses Innovation Brokerage Management and Research and Development Management, has been selling securities despite not being registered to do so with the State of Indiana. The order also finds that the investments themselves are not registered as required by law.
“Morrison is not licensed and shouldn’t be selling investments in Indiana,” said Secretary Rokita. “Our first step when we find someone has been doing this is to order them to immediately stop, but also to alert investors that they should take their business elsewhere.”
Specifically, Morrison is ordered to immediately cease-and-desist from selling unregistered securities and selling securities as an unregistered broker-dealer.
Attorneys within Secretary Rokita’s Securities Division filed an administrative complaint against Morrison on June 11 identifying three victims with losses ranging from $6,000 to $127,977. Morrison sold his victims products labeled Promissory Note/Direction of Investment where repayment terms and amounts would be predicated on the performance of Morrison’s companies. Such a product is a security according to Indiana law.
Morrison has 15 days to answer to the order and has the right to request a hearing. He may face a permanent bar from the securities industry, civil penalties and restitution orders.
For more information on how to avoid becoming a victim of investment fraud, visit www.IndianaInvestmentWatch.com.
Media contact: Jim Gavin 317.233.8655 or firstname.lastname@example.org