Pay day loans fort lauderdale. In or around, a Maine resident had been solicited by telephone by L’Hoir to take a position monies in PayDay

Pay day loans fort lauderdale. In or around, a Maine resident had been solicited by telephone by L’Hoir to take a position monies in PayDay

STATE OF MAINE SECURITIES DIVISION 121 STATE HOME FACILITY AUGUSTA, ME 04333

Today IN RE David Elliot L’Hoir, PayDay! Today U.S.A. Inc. and PayDay! U.S.A. Com, Inc.

NOTICE OF INTENT TO ISSUE CEASE AND DESIST PURCHASE 01-073


    David Elliot L’Hoir (hereinafter described as “L’Hoir”) could be the creator and present President and Chief Executive Officer of PayDay Today! Today U.S.A. Inc. and PayDay! U.S.A. Com, Inc. (hereinafter collectively referred to as “PayDay”). PayDay is incorporated pursuant towards the rules associated with the State of Nevada. PayDay runs a string of economic facilities in Southern Ca and contains a loan that is national center in Fort Lauderdale, Florida. PayDay runs with an internet website address. and advertises it self as having stores that are retail-affiliated.

PayDay is when you look at the business of providing deferred deposit loans to consumers. These loans are little, quick unsecured loans that need repayment inside a fairly short duration of time period. The consumer provides PayDay with a personal check and receives cash less the interest and fees charged by PayDay in a payDay loan transaction. The check will be held for a scheduled duration of the time, generally speaking before the consumer’s next payday, or a single or two-week duration, ergo the word “payday” loan. PayDay individuals are charged fees that are annual normal 360% regarding the financial obligation principal.

Fleetingly thereafter, this Maine resident received into the mail a package of investment product associated with PayDay. In this material, L’Hoir represented which he had been supplying a “4% monthly return collateralized by receivable (client Checks)” in substitution for the absolute minimum investment in PayDay of $10,000. L’Hoir further represented which he had been looking for investors in purchase to improve money of $2,000,000 for PayDay. Pursuant to L’Hoir’s investment scheme, investors get an email and wthhold the choice of retiring this note provided ninety days’ notice is provided.

By page dated, the Maine resident who had previously been solicited by L’Hoir, penned towards the Securities Division to advise of L’Hoir’s solicitation and offered the Securities Division aided by the package delivered by L’Hoir.

The securities Division wrote to L’Hoir by letter dated April 30, 2001 notifying him that, pursuant to the Revised Maine Securities Act, 32 M.R.S.A. 10101 et seq as a result of becoming aware of this solicitation. (“the Act”), it really is illegal for anybody to market or provide to offer any safety in Maine unless the safety is registered, or the safety or transaction is exempt from enrollment beneath the Act. The Securities Division further notified L’Hoir that it’s additionally illegal underneath the Act to transact company in Maine being a broker-dealer or product product sales agent unless exempt or licensed from certification. Also, the Securities Division notified L’Hoir that misrepresentations and omissions of product reality manufactured in reference to an offer and sale of securities constitute fraudulence beneath the Act.

The securities Division requested L’Hoir to review his records and provide the Securities Division with a list of all Maine residents with whom L’Hoir has had contact at any time in connection with the offer or sale of PayDay notes in this letter.

Additionally, the Securities Division notified L’Hoir that, until he complied with Maine legislation, he should stop soliciting product sales of PayDay records.

L’Hoir has didn’t react to the Securities Division’s letter dated. In specific, L’Hoir has didn’t give you the Securities Division with a summary of all Maine residents with who L’Hoir has received contact associated with the offer or purchase of PayDay records or an assurance which he will stop soliciting Maine residents for product product product sales of PayDay records.

The solicitation and pooling of investors’ monies with all the expectation that the investors will get a return to their monies being outcome of purchasing PayDay comprises a good investment agreement. A good investment agreement is really a safety under 32 M.R.S.A. §10501 (18).

It really is illegal to provide or offer any safety in Maine unless the safety is registered, is exempt from enrollment or perhaps is a federal covered safety under 32 M.R.S.A. В§10401.

The Securities Division doesn’t have record that PayDay securities have already been registered for sale or offer in Maine. Additionally, the Securities Division is certainly not alert to any relevant exemption from enrollment which is why PayDay securities might qualify, nor will be the securities federal covered securities.

It’s illegal for almost any individual to transact company in Maine as being a broker-dealer in Maine unless the broker-dealer is exempt or licensed from licensing under 32 M.R.S.A. В§10301(2). The Securities Division does not have any record that either L’Hoir or PayDay is certified as a broker-dealer in Maine.

Its illegal for almost any individual to transact company in Maine as being sales agent unless exempt or licensed from licensing under 32 M.R.S.A. §10301 (2). The Securities Division does not have any record that L’Hoir is certified being a sales agent in Maine which is maybe perhaps maybe not alert to any exemption that is applicable certification which is why he may qualify.

  • For the good reasons stated above, the Securities Administrator fairly thinks that L’Hoir and PayDay have involved, are engaging or are planning to take part in any work or practice constituting violations associated with Revised Maine Securities Act.
  • Pursuant to 32 M.R.S.A. В§10708, notice is hereby considering the fact that the Securities Administrator promises to issue a purchase to Cease and Desist pursuant to 32 M.R.S.A. В§10602(1)(A) against L’Hoir and PayDay to prohibit further violations associated with Revised Maine Securities Act.

    Pursuant to 32 M.R.S.A. § 10708(2), L’Hoir and PayDay have actually thirty (30) calendar times through the entry for this Notice of Intent to file a written ask for a hearing.

    Christine A. Bruenn ________________________________

    Christine A. Bruenn Securities Administrator

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