Securities firms were ordered to halt sales.
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Cease-and-desist orders have been issued by New Mexico’s Securities Division Director Tommy Hughes against First Financial Group of Newport Beach, Safrabank of Encino, North American Bank of Phoenix and Gary Mitchell Pearlman, Larry Bettencourt, Bob Marino and Sally Nathan, all of California. The order alleges sales of unregistered commodity contracts by unregistered brokers or salesmen in violation of the Securities Act and Model Commodity Code and requires the companies to stop sales until they comply with New Mexico’s registration laws.
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