Vancouver, Wash., man accused of investment violations

  • Thu Jul 19th, 2012 9:09pm
  • News

Associated Press

SALEM, Ore. — Oregon finance regulators are accusing a Washington man of selling fraudulent investments.

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.