Mar 10, 2015 9:52 AM
Massachusetts firm accused of duping investors in NH
CONCORD - The New Hampshire Bureau of Securities Regulation has filed a securities fraud action against a Massachusetts-based company, claiming they failed to tell local investors about several lawsuits against the company and making questionable investments on behalf of clients for personal gain.
According to a press release,the Bureau says it received complaints from New Hampshire investors, including a church, against Boston-based Interinvest Corp, Inc., its President Hans Black, and former President Alex Black.
Investigators believe the Blacks failed to tell clients that they were profiting from the investment of money into high-risk foreign penny stocks, leading to significant losses for the investors. The company's also accused of charging excessively high fees and failing to disclose that they owed millions of dollars from civil lawsuits out of Quebec.
The Bureau is looking for Interinvest to pay over $700,000 in fines and restitution and be permanently barred from securities licensure in New Hampshire.
Interinvest has 30 days to request a hearing.