Wednesday, January 6, 1999

Hawaii levies
fines for alleged
investment scam

Star-Bulletin staff


The state said it has fined two companies and two California men $40,000 for allegedly soliciting local investors to buy shares in one of the companies, even though the company apparently has no business operations.

Ryan Ushijima, state commissioner of securities, issued a preliminary order prohibiting ForceTek Holding Inc., the Geneva Group, Nicholas Garcia, Shigeto Yayoshi and other agents of the companies from selling or offering to sell securities in Hawaii. The order also imposes the $40,000 penalty.

It was issued after an investigation determined that the group solicited investors to buy shares in ForceTek, a company controlled by Garcia's associates and that apparently has no business operations, according to Ushijima's office.

The solicitations were made with materials that describe the business of Force Technologies Inc., a different and unrelated Canadian company, Ushijima's office said.

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