Secretary of State Issues Cease and Desist Order to American Investment Fund
Securities Division official demands company to stop sale of unregistered security
FOR IMMEDIATE RELEASE
Contact: Catherine Lu, Public Information Officer
(702) 486-6982 / 334-7953
(Carson City, NV; March 26, 2015) — Secretary of State Barbara Cegavske’s Securities Division recently issued a cease and desist order to Robert Giel, doing business as American Investment Fund (AIF). Giel and AIF must stop selling or offering to sell unregistered securities until properly registered and licensed pursuant to Nevada law.
AIF promotes a high-yield investment scheme that is not registered in Nevada or with the United States Securities and Exchange Commission (SEC). The company’s website offered investment plans with a guaranteed return of 10- to 12-percent APR payable monthly. According to its website, AIF would purportedly pay out all investments in 12 equal installments at a rate of 20-percent yearly.
American Investment Fund’s offering is not registered as a security, nor is it notice-filed as exempt in the State of Nevada. Giel is not licensed in Nevada as a broker-dealer or an investment adviser.
“Anyone who has made an investment or had contact with Mr. Giel or American Investment Fund should contact the Secretary of State’s office immediately,” said Cegavske. “One of the warning signs of potential fraud is an investment with an exceptionally high rate of return. Investing with unregistered companies or agents should only be done with appropriate due diligence to confirm the company is exempt from registration.”
Anyone who has invested funds with Giel or AIF is encouraged to call the Secretary of State’s Securities Division at (702) 486-2440.
Securities officials are also concerned that the company is using other websites to target individuals for employment opportunities.
Cegavske cautions Nevada residents that “investment products must be registered or exempt from registration to be sold in Nevada, and generally those selling an investment must be licensed.”
Giel and AIF have 45 days upon receiving the cease and desist order to request a hearing on the matters set forth in the order. If a hearing is not requested, 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 Nevada’s securities statutes and regulations. To read the full summary order, click here.
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