Vegas figure fined by NASD

Tuesday, May 30, 2000 | 11:13 a.m.

Robert Tretiak, founder and chairman of Retirement Financial Centers of America Inc., was fined $10,000 and suspended for two years by the National Association of Securities Dealers for disseminating a false and misleading IPO prospectus.

Tretiak and Retirement Financial's subsidiary RFCA Financial Services Inc. had their Nevada securities licenses revoked in June 1997 after Retirement Financial collapsed in April 1997, costing 250 stockholders, mostly Las Vegas senior citizens, hundreds of thousands of dollars.

NASD said Tretiak was fined a further $15,000 and suspended for six months for failing to return investor funds, transmit the funds to a properly established escrow account and disclose "significant changes in the IPO's financial circumstances."

The Nevada Securities Division alleged Tretiak violated securities laws when he used $1 million in initial public offering stock proceeds -- meant for buying land in Summerlin for Retirement Financial's corporate headquarters -- for improper expenditures.

NASD said Tretiak has appealed its action and the sanctions won't be in effect pending consideration of the appeal. In a separate case, Tretiak was fined $10,000 and suspended in any capacity until he pays a $52,360 arbitration award.

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