Las Vegas Sun

November 28, 2009

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Brief: Nevada orders halt to sales of reputed securities

Thursday, Dec. 3, 1998 | 12:03 p.m.

The state views these interests as securities, but the company asserts they are exempt from securities registration requirements.

Consolidated Mortgage would sell interest in the companies, whose purpose was to invest money in the purchase of notes secured by a deed. Investors would make money as those notes were paid off, said Consolidated attorney Paul Michaelson.

The company could resume the practice by registering the sales as securities, said Charles Moore, director of enforcement for the Securities Division of the Secretary of State's office.

Michaelson said the company plans to resolve the issue with the state, but did not say what action the company would take next. The company agreed to discontinue the practice in September until it received clarification from the state.

"We're surprised by the actions of the Securities Division," Michaelson said. "We didn't have any indication they would do this."

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