For Immediate Release
Contact: Catherine Lu
(702) 486-6982 / 334-7953
(Carson City, NV; December 5, 2011) – Nevada Secretary of State Ross Miller’s Securities Division is ordering a Las Vegas company and its representative to stop selling or offering to sell unregistered securities until they are properly registered and licensed pursuant to Nevada law. The Securities Division issued a cease and desist order to GTec Biofuels, Inc. and Derek Usinger.
GTec is advising potential investors that certain shareholders can receive dividends of “10% of the company’s net profit” paid quarterly. GTec is also advising potential investors that it is raising several million in capital that will enable the company to open a biofuel farm in Nevada.
GTec’s offering is not registered as a security or filed as exempt in the state of Nevada, GTec is not licensed to sell securities as a broker/dealer, and Usinger is not a licensed securities sales representative.
“Anyone who has made an investment or had contact with GTec Biofuels, Inc., its resident agent Mr. Dennis Healey, or Mr. Usinger should contact my office immediately,” said Secretary Miller. “The Securities Division is always on the lookout for unregistered securities and unlicensed agents to protect investors from misleading offerings and potentially fraudulent schemes. We value the public’s assistance in these matters.”
The Secretary of State’s Securities Division can be reached at 1-800-758-6440.
GTec and Usinger have 45 days upon receiving the cease and desist order to request a hearing on the matters set forth in the order. If the parties fail to request a hearing, the administrator will issue a permanent order.
The issuance of the cease and desist order is part of an ongoing effort to address abuses of the Nevada’s securities statutes and regulations. As a former criminal prosecutor, Miller makes it a top priority to combat financial fraud.
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