A California real estate company was charged with a cease-and-desist order by the Colorado Division of Securities.
Advantage Property Ventures and two of its managers, Shawn Wikoff and Paul Petonak, both of Sherman Oaks, Calif., were named in the order.
The securities division says the real estate company called Colorado investors, offering housing units priced at $100,000 each.
The company also allegedly offered various investments, including a program where they purchased foreclosed property at auction in conjunction with the Federal Deposit Insurance Corp. by cold-calling Colorado investors and failing to disclose the Pennsylvania Order, the respondents conducted a general solicitation of investors in violation of the registration and anti-fraud provisions of the Colorado Securities Act.
The company agreed to the order, which prohibits them from offering or selling any security in violation of the Colorado state law.