A Spokane Valley board game company and one of its co-founders violated state law by raising at least $354,000 from investors without offering necessary information about the company's finances, sales projections or risks, according to preliminary charges by a division of the state Department of Financial Institutions. Chum Chum Game Co. and former company President Charles Smaltz may both face fines of $10,000 for violating the Securities Act of Washington by improperly offering or selling securities from at least 162 investors, many of them from Washington, according to charges by the Securities Division. Chum Chum representatives, however, contended while the company may have been "naïve" and made some errors, it wasn't intentionally misleading and will follow the department's recommendations.