Bonneville County District Court in Idaho has issued a permanent injunction against Idaho Falls investment promoter Tony Sellers, who was sued by the Idaho Department of Finance in March over alleged violations of the state’s Uniform Securities Act, ABC affiliate Local News 8 reports.
According to a statement from the Department of Finance, Sellers sold $4.6 million in charitable gift annuities to 24 elderly investors. According to the state, these securities were not registered, and Sellers was not licensed to sell them. Sellers also made misrepresentations and failed to disclose material information in conjunction with the security sales, the state says.
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