A Texas man has been ordered to stop selling unregistered securities in Colorado.
Brian Creamer and his company, Re-Cycles Motorsports, were ordered to stop selling securities by placing advertisements on the Internet under Craigslist’s Denver-area web site. In the ad, Creamer was seeking financing of $55,000 to $75,000 for his West Detroit, Texas, business.
Creamer told investors that the money would be used to purchase wrecked motorcycles from insurance companies, repair the motorcycles and re-sell them for a profit. The investments would be used to rent a building and obtain a business license. Investors were promised 30 percent of sales, which would give them a return of up to or greater than $100,000 on their investment.
Creamer failed to register the offering with the state, in violation of state law.