Utah took legal action against J. W. Porter Co.

The state’s Securities Division has issued a cease-and-desist order against the Los Angeles firm and its president, barring him from seeking Utah shareholders for his “Caribbean Basin Investment Trusts.” J. W. Porter has been given until Nov. 26 to contest the order and file a state securities registration statement, division spokeswoman Pat Eyre said. “The order concluded the offering violates Utah law that requires securities to be registered,” said division Director John Baldwin. “The order also found the offering was fraudulent because it failed to disclose any details about the company or its proposed business.”