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Failed Firm Ordered to Stop Breaking Law

August 12, 1995|JAMES S. GRANELLI

HUNTINGTON BEACH — State authorities have ordered Tobin Investment Corp. to stop violating real estate laws, an action that is largely symbolic since the investment company shut down early this year, leaving investors with up to $60 million in losses.

The state Department of Real Estate issued its desist and refrain order against the defunct Huntington Beach operation, former owner Harold E. (Hal) Tobin and sales representative J. Chris Reynolds.

The company and Tobin were accused of employing an unlicensed salesman--Reynolds--misdirecting $84,500 in investors' trust funds, failing to give investors proper disclosure statements, and violating other laws. Reynolds was accused of acting as a sales agent without first obtaining a real estate license. Tobin moved to Las Vegas after shutting down the company.

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