Regulators Charge Maine Advisor With Fraud
PORTSMOUTH - The Bureau of Securities Regulation announced Tuesday that it filed an enforcement action against William A. Bischoff of York, Maine, and his company Genesis Investments Group of Portsmouth.
The filing alleges Bischoff and Genesis Investments Group defrauded investors and acted as an unlicensed securities broker and investment adviser by raising money for purported investments in commercial promissory notes and other investment ventures. Instead, the bureau alleges, they unlawfully transferred investor funds to Bischoff's personal brokerage account where he suffered significant losses.
The bureau was alerted to the matter last summer when it was reported that Bischoff was not paying investor money back in a timely manner. When the bureau investigated it appeared Bischoff was taking money from investors to pay back money owed to others.
The bureau is seeking an order requiring Bischoff and Genesis Investments Group to permanently cease and desist, be permanently barred from future licensure, pay a fine, pay the bureau's costs, and pay restitution in an amount to be determined by a hearing officer. Genesis Investments has an address of 2456 Lafayette Road.
The bureau encourages anyone who invested with Bischoff to call it at (603) 271-1463. Bischoff has 30 days to request a hearing.
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