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For
Immediate Release
December 8, 2005 |
Media
Contact:
Kevin Enright
410-576-6357
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CURRAN’S
SECURITIES DIVISION ORDERS HALT TO
MARYLAND-BASED INTERNET INVESTMENT PROGRAM
Charged with Securities Violations and Investment Fraud
Maryland Attorney General J. Joseph Curran, Jr.,
announced today that the Securities Division of his office issued
a Summary Order
To Cease And Desist against Infinity Financial Investment Corporation,
WallStreet-Analysis Investments, and their principal Michael Luther,
all operating out of Maryland. They have been ordered to cease
and desist violating Maryland’s securities laws by operating
a website touting an unregistered investment plan and investment
portfolio fund, and offering investment advice related to this
investment.
"This orders Infinity Financial Investment Corporation, WallStreet-Analysis
Investments, Michael Luther, and their agents and officers to cease
any securities or investment-advisory operations in Maryland until
a hearing can be held in this matter," Curran explained, "and
will prevent the unregistered solicitation of investors and the
risk of loss of their money. We urge victims of these companies
to contact our office." The Securities Division’s investigation
revealed that Infinity Financial Investment Corporation, WallStreet-Analysis
Investments, and Luther allegedly sold shares in the WallStreet-Analysis
Total Return Fund, but failed to return invested funds despite
claims that the investor account showed a profit. Furthermore,
their website offers investment and management services. The site
claims a performance record for WallStreet- Analysis showing a
one-year rate of return of 12.3%, and elsewhere claims a return
of 34.76% to fund holders last year, but fails to identify the
principals who achieved such returns. Neither the companies, its
fund, nor its principal is registered with the Securities Division
to sell securities or provide investment advice, as required by
Maryland law.
Curran’s Securities Division brought the action not only
to halt the registration violations, but also to locate victims
and to warn potential investors of the material misrepresentations
and omissions made in connection with the website investment program.
The website contains limited and unsubstantiated information about
the fund, its officers and directors, its performance history,
and its risk to investors. "There is great risk of the loss
of investors’ money when there is no way to substantiate
claims of profit or management expertise," Curran stressed. "That
can be especially true with Internet solicitations, which can convey
a false sense of high-tech sophistication and legitimacy, and may
deceive those who otherwise rely on the Internet for valid news
and communications. This case emphasizes the need to verify with
our Securities Division – before you invest – that
any investment opportunity is registered and has no complaints
against it."
Curran reminds investors that they can contact the Securities
Division of his office at 410-576-6360 if they have questions concerning
the status of investment promoters or the securities in which they
plan to invest.
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