The Ohio Department of Commerce Division of Securities ("Division")
recently released a summary list of official actions taken during the
month of February. The Division issued the following orders in February:
Amish Helping Fund
The Division issued a Cease and Desist Order against the Amish Helping
Fund on February 8, 2011. The Amish Helping Fund was an Ohio non-profit
company which made construction and mortgage loans to Amish individuals
and families in Northeast Ohio. The company violated the Ohio Securities
Act by selling unregistered securities in the form of "Investment
Agreements" to approximately 3,500 investors between 1995 and 2010.
The company consented to the Cease and Desist Order.
MidSouth Capital, Inc.
The Division issued a Notice of Opportunity for Hearing (NOH) to MidSouth
Capital, Inc., an independent broker/dealer based in Atlanta, GA. The
NOH alleged that MidSouth sold securities without being licensed as a
dealer in Ohio on five occasions in January. MidSouth had submitted an
application to the Division for a dealer license on January 4, 2011. (MidSouth
consented to a Cease and Desist Order with the Division which was issued
on March 16th - Division Order No.
The Division issued a Cease and Desist Order against Mr. Ohaimhirgin for
acting as an investment adviser without a license. Mr. Ohaimhirgin had
previously been licensed as an investment adviser representative (IAR)
in early 2005; he was again licensed as an IAR from mid-2006 to 2009.
However, during a period of approximately one year (mid-2005 to mid-2006),
Mr. Ohaimhirgin acted as an investment adviser without a license in violation
of the Ohio Securities Act. Mr. Ohaimhirgin declined his right to a hearing.
Clint H. Keener
The securities salesperson license and investment adviser representative
license of Mr. Keener was suspended for ten days by the Division for numerous
violations of the Ohio Securities Act and regulations of the Division.
The suspension stems from allegations that he executed
unauthorized trades, mismarked order tickets, and recommended
unsuitable investments. Mr. Keener had previously been fined and suspended by FINRA
for a period of two months in mid-2010 for the same conduct. Mr. Keener
consented to the suspension by the Division.