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Denver District Court Judge Wil liam Robbins has ordered Malory Investments, a former California broker-dealer, and its owner, Ronald Stein, to stop selling securities tied to Acquatic Behavior Technologies, a Silverthorne company.
Malory and Stein are also barred from the securities industry in Colorado, and Stein, without admitting or denying guilt, agreed to pay $10,000 to Colorado Securities Commissioner Fred Joseph.
Joseph alleges that between June 2005 and August 2007, Acquatic Behavior Technologies raised $1.2 million from investors under pretenses that the money would be used to develop, manufacture and market a bait-calling device for lobster fishermen. The case against the company is ongoing.
