The Utah Division of Securities has filed a lawsuit against World Group Securities of Georgia and two of the company's Utah agents for alleged securities fraud and dishonest business practices.
The Utah agents are Andrew J. Moleff of Spanish Fork and John F. Hoschouer of Lehi.
The petition seeks to revoke Moleff's securities license and fine him $50,000. It also seeks to suspend Hoschouer's license for 30 days and fine him $5,000.
The petition asks that WGS's license be suspended and that the company pay a $100,000 fine.
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Moleff and Hoschouer allegedly conducted investment seminars for seniors and made deceptive claims about their financial talents and client profits.