U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

Ohana International, Inc., Financial Solutions, and Christiano Hashimoto

In July 2005, the SEC obtained final judgments against Ohana International and Christiano Hashimoto, individually and doing business as Financial Solutions, in connection with a Ponzi scheme that targeted the African-American community in Los Angeles, California. The SEC alleged the defendants fraudulently offered and sold unregistered securities in the form of promissory notes and common stock to about 1,200 investors, promising them returns of 10 to 20% per month. According to the SEC, the defendants represented investor funds would be used as loans to companies with purportedly lucrative government manufacturing contracts. The SEC complaint alleged, however, that most of the money was used to pay undisclosed sales commissions and purported returns to earlier investors. The Court ordered the defendants to disgorge $18.4 million and to pay civil penalties.

  • For more information about the SEC's action, you can read Litigation Release Nos. 18961 and 19315.

The Court appointed Robb Evans & Associates as Receiver. For the latest information, you can visit the Receiver's website.



Modified: 11/07/2005