SEATTLE (AP) — Washington state regulators have ordered a Seattle movie house to stop selling stock, saying it didn’t fully register its stock for sale and omitted essential information.
Seattlepi.com reports that Columbia City Cinema owner Paul Doyle announced last week that he planned to sell stock to movie-goers to raise $50,000 by the end of the year. The financially troubled neighborhood theater faces closure.
However, on Tuesday the Department of Financial Institutions says that violates securities registration and anti-fraud laws. Doyle tells seattlepi.com that he only was selling reservations to buy the stock, not the stock itself. He says that apparently overstepped the bounds, and he’s working to resolve the issue.
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Information from: Seattle Post-Intelligencer, http://www.seattle-pi.com/
