Oregon regulators order Vancouver man to stop illegally selling securities
Thursday, July 19, 2012
Oregon’s largest business regulatory and consumer protection agency said Thursday it has ordered a Vancouver man to stop illegally selling securities. The Department of Consumer and Business Services also said it plans to levy a $1 million civil penalty against Shelby H. Bell.
Regulators say Bell, through his companies — Hobo Prince Economic Project LLC and Be’Rio Transports LLC — violated several Oregon securities laws, including selling securities without a license, selling unregistered securities, and making untrue statements and omitting material facts about the investments he offered.
Bell has 20 days to dispute the case leveled against him. Any challenge would be heard by an administrative law judge from Oregon’s Office of Administrative Hearings. “He can contest the facts that support the order,” said Mark Peterson, spokesman for the Department of Consumer and Business Services.
In a post on his website Thursday, Bell wrote that he has “chosen to fight these legal battles to their final conclusion. Unfortunately, until these matters are resolved, little can be done with regard to sending out cards and money. With an optimistic outlook and appraisal of things, I go into the fray and the darkest night.”