Westminster-based Gargoyles Inc. and its owner, John F. Curran III, has been ordered to stop selling stock after an investigation by the Securities Division of the Maryland Attorney General's office.
The company allegedly sold unregistered securities claiming to have a patent for bulletproof fabric and body armor materials that it did not hold, according to the AG's office.
Curran and Gargoyles told investors that ...
... annual sales from a specially patented technology, like a stab protection plate, would increase from $3.7 million to $72 million in just one year. But the company owned no patented technology, according to the AG's office. Curran also told the division that he would not sell additional Gargoyles stock after receiving its subpoena --- but later sent an e-mail to shareholders seeking names of potential investors.
If you bought Gargoyles stock, you should call the Securities Division at 410-576-6407. Investors should call the Securities Division at 410-576-6360 before they invest to find out whether an investment adviser, broker or securities is registered.