CONCORD, N.H. (Legal Newsline) - A Belmont man has been enjoined from selling securities following an injunction subsequent to a joint petition by New Hampshire Attorney General Michael Delaney and Secretary of State William Gardner.
The injunction, issued by Superior Court Justice Steven Houran, also freezes certain assets of Eugene Morrissette, including bank accounts and personal property.
Morrissettee, doing business as GM Enterprises, is alleged to have operated various multi-level marketing programs in violation of New Hampshire securities law.
Compensation for participants in Morrissette's programs was based upon the amount of their investments as well as their recruitment into the program of other participants, it is alleged.
Morrisssette, until a final hearing is held, is enjoined from engaging in the unlawful sale or distribution of securities and is required to recover program member assets deposited or placed in the possession of out-of-state organizations and financial institutions.
An investigation into the scope of Morrissette's activities by Delaney and the Secretary of State, Bureau of Securities Regulation is ongoing.