Ohio Securities Commissioner Thomas E. Geyer yesterday ordered Greater Ministries International, of Tampa, Florida to Cease and Desist from soliciting the sale of unregistered securities to Ohioans.

Greater Ministries was targeting their sale of securities to members of the Mennonite religious community and other Christian groups by indicating that Greater Ministries has religious affiliations. The Division Order names Greater Ministries International, Gerald Payne, Betty Payne, Patrick Henry Talbot, Don Hall and Brenda Hall. Neither the organization nor these individuals registered the securities to sell in Ohio.

To protect investors, Ohio law requires that all securities sold in Ohio be registered with the Division or properly exempted from registration. The Division found that the "Faith Promises" securities sold by Greater Ministries, which promised returns of 100% within 13 months, were neither registered nor properly exempted.

In addition to Ohio's cease and desist order, state securities regulators in Pennsylvania and California have issued Cease and Desist Orders against Greater Ministries International and individuals associated with the organization.

The order does not suggest that there is anything wrong with raising money for religious purposes. In fact, the order notes that 46 other religious organizations made securities registration filings with the Division of Securities in 1997 in order to make full and fair disclosure to potential investors.

Although the Division's action involving Greater Ministries did not find fraud, it did find the sale of unregistered securities. Donna Owens, director of the Ohio Department of Commerce, reissued a warning today to Ohioans affiliated with religious organizations to be on guard against unregistered or potentially fraudulent investment schemes. The salespersons may pose as one of the faithful to gain their victims' trust and life savings, she said.

"As appalling as it is, there are individuals who will exploit religion in order to get prospective victims to drop their guard," Director Owens said.

For example, securities regulators in other states have reported that promoters have told investors that they knew exactly where to drill for oil in Israel because of certain passages from the Old Testament. Other investment schemes involved self-proclaimed "Christian" financial planners and others who claimed to be able to provide "divinely inspired" advice on coins, real estate and precious metals.

With any investment opportunity, investors must protect themselves by seeking answers to questions before investing. To help protect Ohioans from individuals who target the faithful, Commissioner Geyer advises prospective investors to follow three steps:

• First, investors should be on their guard for investment promoters who claim to have special ties to, or endorsements from, a faith or congregation.

• Second, don't accept the promoter's word. Check to see if the salesperson is licensed to sell securities in Ohio or if the security is registered by calling the Ohio Department of Commerce's Investor Protection Hotline at (800) 788-1194. Columbus area residents should call (614) 644-7381.

• Third, if you suspect that you have been defrauded, call the Investor Protection Hotline immediately at (800) 788-1194 or (614) 644-7381.

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 Commerce divisions enforce regulations regarding industrial compliance, financial institutions, real estate, liquor, auctioneers, and unclaimed funds, among others. The department's Internet address is www.com.state.oh.us.