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Auditor orders Kalispell business, Venue Tech Systems, to refund stock

Investors in a Kalispell company have a chance to get their money back in an agreement made between the state auditor and the owner of the business.

Associated Press Billings Gazette

Auditor John Morrison and David Tacke of Venue Tech Systems came to the agreement last week after an almost two-year investigation.

The investigation resulted in a cease-and-desist order demanding that Tacke stop offering and selling unregistered securities.

The order alleges that Tacke illegally sold more than $6 million in stock and $1 million in promissory notes.

Neither Tacke nor Venue Tech admit liability for the alleged securities violations.

The deal requires that purchase price for the securities be repaid to buyers in full, without interest.

Venue Tech must also appoint an independent board of directors, which will approve in advance any future securities offerings, use of the offering’s proceeds, and any resale of Venue Tech stock owned by Tacke.

Tacke, who was subject to a previous cease-and-desist order in 1985, also is prohibited from selling securities in or from Montana for five years.

Copyright © 2002 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Copyright © The Billings Gazette, a division of Lee Enterprises.

http://www.billingsgazette.com/index.php?id=1&display=rednews/2003/08/07/build/local/50-venuetech.inc

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