Wednesday, January 23, 2013

Two Idaho Men Cough Up Profits from Securities Law Violations

Posted By on Wed, Jan 23, 2013 at 9:20 AM

Officials with the Idaho Department of Finance announced this morning that they had settled with two Idaho men, alleged to have illegally sold securities to unwitting clients.

Kip Harman of Bonners Ferry was alleged to have sold more than $400,000 in unregistered investments to five Idaho clients. As part of the deal with state officials, Hartman did not admit to the allegations but agreed to disgorge his commission earnings from the transactions. Separately, the issuer of the securities—Retirement Value—has since gone bankrupt and a receiver has been appointed to determine if the investments have any salvage value.

Kyle Bennett of Ammon was alleged to have sold more than $600,000 in promissory notes and has admitted that he violated the Idaho Uniform Securities Act. The notes were issued through a Utah company known as Horizon Auto Funding, presently in bankruptcy. Bennett has also agreed to give up his commission earnings from the transactions.

The Department of Finance cautions investors about promissory notes, which are often a favored investment vehicle in Ponzi schemes.

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