Arizona retiree Tom Askland believed so much in the unique design of a proposed tour boat that he invested more than $100,000 in the prototype vessel and the affiliated company created to build, market and sell the concept to customers around the world.

More than a decade later, he and other investors say they have grown weary of waiting.

Semisub Inc. owner and CEO Curtiss Jackson had said he expected his submersible vessel to be operating commercial tours in Hawaii waters last year. Prior to that, he had said the vessel would be operating out of Kewalo Basin by January 2012.

It’s unclear why Semisub hasn’t advanced, but it has run afoul of securities regulators in at least two states. It’s also encountered bureaucratic woes attempting to get Coast Guard approval.

In 2009 the California Department of Corporations issued a desist and refrain order faulting Jackson for not telling investors about an earlier 2008 cease and desist order issued by the Pennsylvania Securities Commission.

Just four days later Jackson registered Semisub as a Nevada corporation, and a year later moved it to Hawaii, where it’s currently under investigation by the Securities Enforcement Branch of the state Department of Commerce and Consumer Affairs (DCCA), which opened its probe in September.

Askland — who made his first investment in the submersible vessel when it was anchored in California — said he and other investors were promised the boat would be operational quickly and yield robust returns. He said he had upped his investment after he was told the prototype was almost ready for commercial use.

“I’ve got folders of stuff and it’s all hogwash,” said Askland, who is now part of a group of about 20 Semisub investors who are considering legal action. “Nothing has ever come true.”

Semisub is designed to be a surface vessel with underwater windows in its catamaran hulls, allowing tourists views of coral reefs, sharks and other marine life.

Askland said he and the other investors don’t know how much money Semisub has raised, but suspect that “they could have built the boat many times over.”

According to Pennsylvania Securities Commission records, Semisub’s investor relations materials dated February 2008 stated it had raised approximately $5.8 million of a $8 million offering. The materials also stated that a 12 percent rate of return for the stock was expected the first year the company was operational.

So far, Askland and other investors like Jeremy Baka, a California resident who invested $20,000 in the boat in 2009, say they haven’t seen any returns.

In September, Jackson told the Honolulu Star-Advertiser that the boat’s commercial tour operation was just a month out. But the company has moved its start date many times since, and new assurances aren’t appeasing investors, who worry that the company isn’t telling them the truth.

“When I first invested they told me that the boat would be launching in two weeks,” Baka said. “Every time they give an update, they move the date out another two weeks. It’s pretty disheartening. Some investors may be satisfied, but I haven’t met any of them. I’m hearing complaints from retirees, who fear that they’ve lost their retirement, and hardworking people who invested in the hope that their ship would come in.”

Jackson declined to provide the Star-Advertiser with a company update May 24. He also declined to respond to allegations by investors that updates Semisub sent to them were riddled with discrepancies.

In a May 11 email to investors, Jackson said, “Just finished a 20-minute phone call with Governor (David) Ige, the present seated Governor of Hawaii. Denise (Jackson’s wife) and I worked on his last campaign and we were not only invited to the inaugural ball, but seated at the table next to him. I made him aware of our situation. He has been a large supporter of Semisub and is eager to see us start operations and come out for a our inaugural sail.”

But Ige’s spokeswoman, Jodi Leong, said May 21, “Gov. Ige has no knowledge of the Semisub enterprise and certainly never endorsed the company.”

When asked by the Star-Advertiser whether he wanted to comment on Ige’s response, Jackson said, “Definitely not. I don’t think it’s any of your business, anyway.”

Askland said, “This governor’s thing is just one more lie” among the frequent updates that Semisub uses to keep investors “on the hook.”

For example, Semisub told investors Feb. 26 that the state Department of Transportation had allowed the company to get an operating permit for Aloha Tower without Coast Guard approval — a move Semisub characterized as “true vote of confidence by the State of Hawaii that we will be operating soon.”

In reality, Semisub had only obtained a temporary mooring permit and left for Keehi Marine Center on April 6 because its short-term agreement with the state had ended. But that didn’t stop the company from sending an April 10 email telling investors that it had temporarily relocated Semisub to Keehi Marine Center to perform exterior painting touch-ups and would return to a Honolulu Harbor berth at Aloha Tower after one or two weeks.

Eight weeks later Semisub is still at Keehi Marine Center.

DOT spokesman Tim Sakahara said, “There are no plans to allow Semisub to enter the commercial harbor without a certificate of inspection (COI).”

Semisub’s Feb. 26 email to investors made it sound like obtaining Coast Guard approval was imminent since it had already completed sea trials. But Coast Guard records show that the company has not passed its sea trials, which would take place during a COI inspection, said Coast Guard Petty Officer 2nd Class Tara Molle.

The Coast Guard is still meeting with Semisub to “ensure that the vessel is built according to approved plans,” and will not schedule a COI until all plans are verified, Molle said.