| FOR IMMEDIATE RELEASE JULY 25, 1997 |
Contact: Bill
Teets at (614) 644-7187 |
THE INFINITY GROUP COMPANY
The Lake County Common Pleas Court issued a Temporary Restraining Order late yesterday afternoon against The Infinity Group Company, prohibiting the company from selling any securities until such time that it complies with a Department of Commerce, Division of Securities' subpoena and examination request. The injunction
furthers an ongoing investigation being conducted by the [ ] Division of Securities.Evidence gathered by the Division of Securities
has given the Division reason to believe that The Infinity Group Company is engaging in the sale of securities without compliance with the Ohio securities laws. Infinity is engaged in the sale of securities in the form of "Capital Units" in a purported trust. The sales take place primarily through a site on the World Wide Web. The Division has evidence indicating that Infinity has raised several million dollars from investors, including approximately 80 Ohio residents. Based on this information, the Division sought to review certain documents and examine Infinity's operation. The Division sought the injunction after Infinity refused to obey the Division subpoena and refused to permit a Division examiner access to its offices to conduct the examination."I am very pleased that the court has allowed the investigation in this case to continue," said Director of Commerce Donna Owens. "We must be permitted to use investigatory authority to the maximum extent of the law in order to ensure full investor protection," she added.
Securities Commissioner Thomas Geyer stated: "I am very concerned about this case because of the amount of money that has been raised and the apparent disregard for the securities laws."
Ohio residents who may have invested with The Infinity Group Company may telephone the Ohio Investor Protection Hotline at 1-800-788-1194, or 466-6140 in central Ohio, if they believe they have information which may assist the Division's investigation, or if they have questions regarding their investment or the Division's investigation.# # #
The Division of Securities promotes an honest and fair securities market where individuals and businesses can raise capital and investors can expect a fair return on their investment. Other Department of Commerce divisions enforce regulations regarding industrial compliance, financial institutions, real estate, auctioneers, and unclaimed funds, among others.
[Commerce Home Page] [Commerce News Releases] [State of Ohio Front Page]
Send mail to Webmaster@com.state.oh.us
with questions or comments about this web site.
Information believed accurate but not guaranteed. The State of Ohio disclaims
liability for any errors or omissions.
Copyright © 1998 The Ohio Department of Commerce