State Commissioner of Securities Orders Concert Promoters to Cease and Desist

The state Department of Commerce and Consumer Affairs’ (DCCA) Commissioner of Securities, Ty Nohara, issued a preliminary order to cease and desist and notice of right to hearing against concert promoters Ferdinand C. Jacobe, Gina T. Carlos, and P.B.C. Productions, LLC for violating state securities laws.

Click to read suit

Click to read suit

The order asserts that, between January 2012 and June 2013, Jacobe and P.B.C. Productions solicited investors among the local Filipino community to fund three concerts in Hawaii, guaranteeing returns of 10 to 40 percent within days of each concert.  The order asserts that P.B.C. Productions enlisted the assistance of an agent, Carlos, to solicit investors for the first two concerts.  As a result, more than 30 Hawaii residents invested a combined total of $666,000 into the concerts. Nearly two years have passed since the last concert took place, and many investors remain unpaid.

Jacobe and P.B.C. Productions are accused of failing to disclose to investors that they were substantially in debt to numerous past investors, and the proceeds of a future concert, as well as a portion of new investors’ funds, were needed to repay past investors, and investors’ funds would not be returned by the guaranteed deadline.

Jacobe, Carlos, and P.B.C. Productions also failed to inform the investors who were solicited by Carlos that Carlos would be receiving a 5 to 15 percent commission on the funds she collected from them.

State securities laws include anti-fraud provisions, requiring both securities and persons soliciting or transacting securities to be registered with DCCA’s Securities Compliance Branch.  The order asserts that Jacobe and P.B.C. Productions violated these anti-fraud provisions by employing deceptive schemes and devices to perpetuate fraud.  It further alleges that neither Jacobe nor Carlos was registered to transact securities in Hawaii, and the securities they sold to investors were also unregistered.

The order seeks total penalties of $200,000 in addition to a permanent injunction against Jacobe and Carlos for transacting securities in the state, disgorgement of commissions received, and rescission of the sales of the securities.

Anyone who has been solicited by Jacobe, P.B.C. Productions, or Carlos to invest in a concert or who may otherwise have information regarding this matter is urged to contact the DCCA’s Securities Enforcement Branch (SEB) at 808-586-2740 or toll free 1-877- HI-SCAMS.

SEB receives and investigates complaints regarding potential violations of Hawaii securities laws and prosecutes securities fraud as well as other securities law violations.

Thirty Meter Telescope to Resume Building Wednesday Morning

Statement from Henry Yang, Chair of the TMT International Observatory Board:

TMT laser

“After more than two months of consultation, education, and dialogue with many stakeholders, we humbly announce that the TMT International Observatory Board has decided to move ahead to restart the construction of the Thirty Meter Telescope on the morning of Wednesday, June 24. Our period of inactivity has made us a better organization in the long run. We are now comfortable that we can be better stewards and better neighbors during our temporary and limited use of this precious land, which will allow us to explore the heavens and broaden the boundaries of science in the interest of humanity.

“We look forward to a positive relationship with all Hawaiians, while we understand that the majority of Hawaii’s people are supporting the TMT project. We deeply respect and are mindful of those who have concerns, and yet, we hope they will permit us to proceed with this important task while reserving their right to peaceful protest.

“As done at any construction site, we plan to first investigate and assess any possible oil leakage and ensure we can provide proper maintenance of machines and equipment so they operate safely and correctly – in order to protect Maunakea and preserve the sensitive environment. We will then begin to repair and install fencing in the interest of public safety.

“As we proceed, TMT is open and willing to allow cultural practitioners in the area of the construction site to continue customary and traditional practices. Allowing this practice to continue to occur will require further dialogue and mutual agreement to work out the details in order to establish a cooperative and harmonious environment for all parties.

“In an effort to be sensitive to and observant of the Native Hawaiian host culture, we will deepen our knowledge of the cultural, ecological, and spiritual aspects of the mountain and continue to learn how to better respect and appreciate Maunakea’s important cultural areas.

“On behalf of TMT, I want to express our sincere appreciation to the people in Hawaii for their understanding and support.”