SECRETARY OF STATE ROSS MILLER PUTS SKIDS ON FRAUDULENT SECURITIES OPERATION; RECOGNIZES “AMERICA SAVES WEEK” FOCUS ON FRAUD PREVENTION
“No Better Way to Recognize the ‘America Saves Week’ Agenda than by Putting a Stop to Fraudulent Securities Practices” says Miller
Victims of Fraudulent Securities Operations are Encouraged to Contact the Secretary of State Securities Enforcement Division
Carson City, NV; February. 23, 2009 –Nevada Secretary of State Ross Miller is demonstrating his office’s commitment to “America Saves Week” (Feb. 22 – March 1 ) with continued aggressive enforcement of Nevada’s security laws and regulations. The focus of the nationally observed America Saves Week is fraud prevention, and Miller’s office began the week by issuing a cease and desist order to a national company that was illegally selling unregistered securities in Nevada.
Sports Dimension, Inc. (SDI) is a North Carolina corporation with offices there and in South Carolina. According to the Secretary of State’s Securities Division, SDI used bulk mail advertising to offer the sale of something they called “Series 2009-A Convertible Corporate Notes.” That solicitation reached Steve H. Roebuck of Las Vegas, Nevada who notified the Securities Division. The offer represented that the investment, being sold in units of $10,000 “Yields 30% annually guaranteed,” and “…the opportunity to triple your money within 18 months.” The offer also stated that the Notes would be converted to common stock at $2.00 per share after one year, and that their unidentified analysts were projecting an eventual public offering price of six-to-seven-dollars per share. SDI and the two principal’s named in the cease and desist order, Marc Hubbard and Christian Genitrini, are not licensed with the state of Nevada to sell securities as Broker-Dealers or as Sales Representatives or agents. SDI’s securities offering of “Series 2009-A Convertible Corporate Notes” is also not registered with the State of Nevada as required by statute.
(Note to Editors: A pdf copy of the bulk mail solicitation used by SDI is attached with this release, or may be obtained through the PIO office of the Secretary of State.)
The Securities Division of the Secretary of State’s office is looking for Nevada residents who might have had business dealings with SDI or its principals. As with any securities fraud or suspected securities fraud, cases may be reported to the Securities Division by telephone at (702) 486-2440, (775) 688-1855, or (800) 758-6440, or the Division may be contacted online through the Secretary of State’s official website, www.nvsos.gov.
Secretary Miller is encouraging Nevadans to participate in “America Saves Week” an event being coordinated by the American Savings Education Council. According to Miller, even at times when savings is difficult or even impossible, we should be working to protect our savings through fraud prevention.
“It’s understandable that given the current economic challenges, many Nevadans might think that saving money is virtually impossible,” said Miller. “But this campaign is about awareness, and the current economic circumstances certainly should heighten our awareness as to the need for better long-term savings habits. An important element of successful savings is successful investing, and that means safeguarding our savings from fraud.
“We’ve posted the America Saves internet link on our website at www.nvsos.gov, and encourage Nevadans to use the resources available there to evaluate their savings habits, and learn how to improve their situation.”
Activities for America Saves Week 2009 are being coordinated by the America Saves campaign and by the American Savings Education Council, who are working with a large national coalition to promote the savings message and foster better savings behavior. During America Saves Week 2008, over 80 national organizations and over 500 local organizations participated, reaching millions through the press and internet. Over 75,000 people attended over 1,800 events, and tens of thousands joined the America Saves campaign and committed to begin savings.