State targets pyramid scheme

State Securities Commissioner Ryan Ushijima has ordered California-based Vizion One Inc. and its officers to stop operating an apparent pyramid investment scheme in Hawaii.

The order imposes a civil penalty of $100,000.

An investigation by the securities enforcement branch found Vizion One, promoted by local individuals and through the Web, sells memberships then offers bonuses to members to recruit more people. "Although Vizion One claims to be selling Internet service ... the real emphasis is on recruiting others into the business," the state said.

Vizion One's investments have not been registered with the state, as required by law, the state said. For more information, contact the securities enforcement branch at 586-2740.

Mougeot retires from HEI

Robert F. Mougeot, top financial officer at Hawaiian Electric Industries since 1989, retired Wednesday. HEI named Curtis Y. Harada as interim financial vice president, treasurer and chief financial officer.

Mougeot joined HEI in 1988 and was named financial vice president and CFO the next year. Before joining HEI he was an audit partner with Arthur Anderson & Co. in San Francisco.

Harada joined Hawaiian Electric Co., HEI's main subsidiary, in 1989 as director of internal audit. He became controller of the parent HEI in 1990.

UAL seeking $2 billion in loans

CHICAGO >> UAL Corp., parent of money-losing United Airlines, is in talks with lenders to arrange loans of up to $2 billion to maintain operations if it files for bankruptcy, the airline said yesterday.

Jake Brace, UAL chief financial officer, said the debt-strapped No. 2 U.S. airline is making arrangements for the "debtor in possession" loan, which would be among the largest loans of its kind. He declined to comment on which banks were part of the discussions.

Judge urges caution in port dispute

SAN FRANCISCO >> A federal judge overseeing the labor dispute at West Coast ports yesterday urged dockworkers and shipping companies to be cautious before asking the court to sanction the other side.

A Justice Department lawyer told the court that dockworkers and shipping companies share the blame for a productivity drop.

Murdock extends Dole offer

Westlake Village, Calif. >> Dole Food Co. said Chief Executive Officer David Murdock extended his $2.5 billion takeover offer for the company.

The $29.50-a-share offer was continued to Dec. 4. The CEO offered in September to buy the 76 percent of Dole not owned by him and to take it private. Investors have said the shares are worth more.