State Orders Halt to Sale by Investment Group - KAIT Jonesboro, AR - Region 8 News, weather, sports

Little Rock, AR

State Orders Halt to Sale by Investment Group

SEPTEMBER 20, 2006 - Posted at 3:47 p.m. CDT

 

LITTLE ROCK, AR - The Arkansas Securities Department today ordered a halt to the sale of investments by a group that would encourage people to make home equity loans and then invest the money in funds that allegedly did not produce the promised return.

The Avedis Group, Incorporated, a Freedom Team Mortgage Company and several other entities are named in the order.

The department said the Avedis Group organized meetings to advise people how to grow their assets.  The meetings would take place in restaurants, churches and Avedis office in Searcy.  Participants were advised to refinance their homes and invest the equity.  Most of the 14 investors noted the department refinanced with Freedom Team Mortgage, investing $742,000.

The department says another person invested $352,000.

The department said investors were quoted rates of return of between 10 percent and 24 percent per year but that the investigation found no indication the rate of return was being met.

(Copyright 2006 by The Associated Press.  All Rights Reserved.)

 

  • Region 8 News</span><a class="customMoreLink" href="/Global/category.asp?C=4391" target="_top">More >></a>Region 8 NewsMore>>

  • Cut-A-Thon for Christopher planned

    Cut-A-Thon for Christopher planned

    Friday, March 24 2017 3:54 PM EDT2017-03-24 19:54:00 GMT
    Friday, March 24 2017 5:00 PM EDT2017-03-24 21:00:23 GMT
    Christopher Copeland needs a liver transplant at UAMS to survive. (Source: Christopher Copeland)Christopher Copeland needs a liver transplant at UAMS to survive. (Source: Christopher Copeland)

    Former Jonesboro hairdresser in desperate need of liver transplant.

    Former Jonesboro hairdresser in desperate need of liver transplant.

  • ASP searching for man suspected in woman's murder

    ASP searching for man suspected in woman's murder

    Friday, March 24 2017 12:43 PM EDT2017-03-24 16:43:56 GMT
    Friday, March 24 2017 12:47 PM EDT2017-03-24 16:47:55 GMT
    Brian Keith Freeman (Source: Arkansas State Police)Brian Keith Freeman (Source: Arkansas State Police)

    Arkansas State Police are asking for the public’s help in finding a man suspected of killing a woman.

    Arkansas State Police are asking for the public’s help in finding a man suspected of killing a woman.

  • A Better Region 8 Guest Editorial: Smoke alarm installation drive

    A Better Region 8 Guest Editorial: Smoke alarm installation drive

    Friday, March 24 2017 12:30 PM EDT2017-03-24 16:30:24 GMT
    Friday, March 24 2017 12:35 PM EDT2017-03-24 16:35:56 GMT
    ABR8.jpgABR8.jpg

    Did you know that every day in Northeast Arkansas someone loses their home to fire?  Sadly, injuries are often sustained and even worse, there may be loss of life.  

    Did you know that every day in Northeast Arkansas someone loses their home to fire?  Sadly, injuries are often sustained and even worse, there may be loss of life.  

Powered by Frankly