ALABAMA SECURITIES COMMISSION

770 WASHINGTON AVE, SUITE 570

MONTGOMERY, ALABAMA 36130-4700

Telephone: (334) 242-2984 or 1-800-222-1253  Fax: (334) 242-0240

Email:  asc@asc.alabama.gov  Website:  www.asc.state.al.us

 

FOR IMMEDIATE RELEASE

 

INVESTOR ALERT

 

Unregistered investment companies ordered to Cease and Desist business in Alabama.  Raised $160 million from church leaders and religious organizations.

 

MONTGOMERY, ALABAMA (September 15, 2004) - Joseph P. Borg, Director, Alabama Securities Commission (ASC), signed an order today directing the following companies to Cease and Desist the illegal sales of securities in the state of Alabama. 

 

INTERNATIONAL PRODUCT INVESTMENT CORP., ("IPIC") is a Nevada corporation, with an address of 3663 Inland Empire Blvd., P.O. Box 3587, Rancho Cucamonga, CA 91729.

 

IPIC ATLANTIC LLC (“IPICA”) is a Florida corporation with an address of 8544 Lost Cove Drive, Orlando, FL 32819. 

 

GREGORY SETSER (“G SETSER”) is identified as the President of IPIC with an address of 3663 Inland Empire Blvd., P.O. Box 3587, Rancho Cucamonga, CA 91729.

 

CYNTHIA SETSER (“CY SETSER”) is identified as the treasurer of IPIC’s with an address of 3663 Inland Empire Blvd., P.O. Box 3587, Rancho Cucamonga, CA 91729.

 

CHARNELLE SETSER (“CH SETSER”) is identified as the Office Manager of IPIC’s with an address of 3663 Inland Empire Blvd., P.O. Box 3587, Rancho Cucamonga, CA 91729.

 

TORSTEN THOMAS HENSCHKE (“HENSCHKE”) is identified as the International Director of IPIC-Atlantic and in that position managed IPIC’s Florida offices located at 8544 Lost Cove Drive, Orlando, Florida 32819.

 

Director Borg said, “It appears that these organizations have solicited over $160 million from Christian evangelical leaders, members of evangelical congregations, and affiliated organizations in “joint venture agreements” and “founder’s shares”.  This appears to be a Ponzi scheme where investors were promised returns as high as 50%.  New investor funds were used to pay “profits” which did not exist to prior investors while at the same time promoting the investment program.  Any citizen of Alabama or religious organization that have been approached by any of these companies, or invested money with them, or are aware of them doing business with any other organization should contact the ASC Enforcement Division by calling 1-800-222-1253.”

 

 

- more -

Investigations and court actions are continuing by the ASC, SEC, US Attorneys and other regulatory agencies. 

 

A copy of the official Cease and Desist order issued by Director Borg may be viewed at the Alabama Securities Commission website in addition to news stories about other securities scams that are similar, go to www.asc.state.al.us. 

 

The Commission offers the following information to protect you from this type of scam: 

 

Red Flag Phrases for Investment Fraud: 

 

           “Guaranteed to double your money”

 

           “Low risk for high returns!”

 

           “This is an off-shore investment opportunity.”

 

           “It takes advantage of a little-known loop hole in tax laws.”

 

           “Keep this investment secret - we don’t want to let everyone in!”

 

           “To get the most from this investment opportunity, you can borrow money

             or take out a mortgage and be set for life!”

 

           “I’m calling from outside Alabama with an investment opportunity”

 

 

Questions to Ask Yourself:

 

           Did I initiate this meeting?

 

           Is this person recommended by someone I trust?

 

           Has this person had a long-term relationship with someone I trust?

 

           Is this person registered to sell securities in my state?

 

           Have I been provided with written information on the investment?

 

           Have I been encouraged to borrow in order to invest?

 

           Do I understand that higher returns equal higher risk?

 

           Why is this supposed to be secret?

 

           Have I verified this information with a trusted source such as the ASC?

 

 

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Prevention Tips:

 

           Check the registration of the seller and the product offered by contacting the ASC.

 

           Check to see if any enforcement action has been taken against the person offering the    investment opportunity.

 

           Check with someone you know and trust before investing any money.

 

           Get written information (but be aware that professional looking information could be      produced by the con artist). 

 

           Know how much risk you are willing to take with your investments.  Understand how    much risk you should be taking given your age, family circumstances and other factors.

 

           Never accept a verbal contract.

 

           Never sign anything before reading it carefully and understanding it.

 

           Ask lots of questions.

 

           Take your time; don't allow anyone to rush your decision-making process.

 

           If you are suspicious, contact the ASC.

 

 

                   ALABAMA SECURITIES COMMISSION

770 WASHINGTON AVE, SUITE 570

MONTGOMERY, ALABAMA 36130-4700

Telephone: (334) 242-2984 or 1-800-222-1253  Fax: (334) 242-0240

Email:  asc@asc.alabama.gov  Website:  www.asc.state.al.us

   

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If you have questions or require more information contact:

Daniel G. Lord

Education and Public Affairs Manager