State Securities Commissioner Ty Nohara has ordered concert promotion company P.B.C. Productions LLC, including Ferdinand C. Jacobe and Gina T. Carlos, to stop soliciting money from potential investors.
The cease-and-desist order issued Wednesday alleges that Jacobe, Carlos, and P.B.C. Productions, solicited investors among the local Filipino community to fund three Hawaii concerts while promising a return on investment of 10 to 40 percent each, between January 2012 and June 2013.
The state alleges that the company collected $666,000 from some 30 investors, many of whom remain unpaid.
Jacobe and the company allegedly failed to disclose to investors that they were in debt to numerous past investors and that concert proceeds, as well as a portion of the new investments, would be used to repay the debts, the state said, in a statement.
The state’s order also grants the company the right to a hearing on the allegations.
Neither Jacobe, who previously had owned a mobile disco business, nor Carlos, could immediately be reached.