Oregon fines local man 1 million for alleged fraud

first_imgOregon’s largest business regulatory and consumer protection agency said Tuesday it has imposed a $1 million civil penalty against a Vancouver man for violating securities laws.The Department of Consumer and Business Services also ordered Shelby H. Bell and his companies — Hobo Prince Economic Project LLC and Be’Rio Transports LLC — to stop doing business in the state.The agency says Bell was not licensed to sell securities in Oregon and the investment was not registered with the state. Bell’s Hobo Prince Economic Project promised investors a return of $900 a week for seven years, according to the agency.He also invited investors to bid on assets worth more than $1.8 trillion that he claimed to own, including an International Bill of Exchange reportedly worth $357 billion, an electric generator worth at least $150 billion and a children’s book worth between $50 million to $175 million domestically and more than $1.25 billion globally.“While no investors apparently have made money, Bell in less than a year attracted more than $187,000 from at least 7,480 people in multiple states and U.S. territories,” the agency said in a news release.last_img