CONCORD — The state Bureau of Securities Regulation has issued a cease-and-desist order against a man soliciting money to invest in a $25 million film.
Regulators warned it was a scam.
A New Hampshire resident complained of receiving a phone call from James A. Valentine, who attempted to solicit an investment in a Galaxy Pictures Inc.
Valentine told the complainant that he was raising $25 million in a limited partnership, Cigarette Limited Partners 1 or Cigarette Miami Limited Partnership, to produce a film titled “Cigarette — Legend of Donzi.”
“The bureau’s investigation revealed that Mr. Valentine’s purported investment opportunity was entirely fraudulent,” regulators said in a news release.
Valentine represented that ticker symbol GALXF was related to Galaxy Pictures Inc. when in fact the ticker symbol was connected to an Australian mining company and that the purported investment opportunity was being made to accredited investors under a Regulation D filing with the U.S. Securities and Exchange Commission, but there is no Regulation D filing.
Both Wisconsin and Pennsylvania have issued cease-and-desist orders against Valentine for fraudulently offering the same purported investment opportunity to their respective residents.
New Hampshire residents who believe they have been contacted by James A. Valentine should contact the New Hampshire Bureau of Securities Regulation by calling its toll free hotline at 800-994-4200 (or 603-271-1463) or by emailing at email@example.com