The Oregon Department of Consumer and Business Services said Thursday that Shelby Bell of Vancouver pocketed more than $187,000 from 7,500 investors over eight months. Officials say Bell told investors they could make a one-time payment of $25 dollars and earn $900 a week for seven years.
Authorities say Bell used the money to pay for food, movie tickets and a vehicle.
The state has ordered Bell to stop violating securities laws and has proposed $1 million in penalties.
Nobody answered the phone at Bell's business, Hobo Prince Economic Project. A post on the company's website says Bell will "fight these legal battles to their final conclusion." He has 20 days to request a hearing.
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