A Sandpoint judge has ordered $120,000 in fines and restitution after ruling that a California company and two of its officers engaged in securities fraud when they solicited money from Idaho residents, the Idaho Department of Finance says.
Gavin Gee, acting director of the Department of Finance, said judgment and permanent injunctions were entered by 1st district Judge James Michaud, Sandpoint, against American Investment Watch Inc., President James Benjamin and Chief Executive Officer Mike Robertson.
Gee said the judgments were entered by default after the defendants failed to respond to a state lawsuit filed in February. It alleged that the defendants and a salesman engaged in a fraudulent and deceptive telemarketing scheme involving the offer and sale of stock to potential investors.
The court barred future violations and ordered restitution of more than $15,000 to Idaho investors. The judge also levied $105,000 in fines and ordered the defendants to pay the state’s attorney fees and costs.
sponsored Jargon is confusing, by definition. And the financial world has its own set of cryptic words.