SPRINGFIELD –– Secretary of State Jesse White announced today that his office issued an order prohibiting the Oasis Savings Club and its promoters from selling unregistered securities in Illinois.
The company, Oasis Savings Club, is alleged to be offering above-market rates of return on "Growth Certificates" and "Turbo Growth Certificates," and guaranteeing the return of the principal after a five-year period. The Temporary Order of Prohibition, issued by White's Securities Department, alleges that the Certificates are not registered with the Secretary of State as required by law and prohibits the company from offering or selling these investments.
The promoters of the Certificates have held seminars in the Rockford area and various communities throughout Northern Illinois. Investors were told that their money would be invested in Internet businesses, satellite communication systems, high-yield trading programs and offshore investments involving the rebuilding of the infrastructure of Latvia.
People who have been solicited to invest in the Oasis Savings Club, or those who have actually invested money, are encouraged to contact the Illinois Securities Department at 1-800-628-7937. Those with Internet access can also submit an inquiry through the Internet using the Consumer Complaint Form.
Secretary White urges investors to ask the following questions before making an investment:
Is the investment registered and is the person selling the investment properly licensed in Illinois? Illinois investors may call the Illinois Securities Department's toll free number to find out, or submit an inquiry via the Department's online complaint form.
Are the claims made for the investment realistic? If the investment sounds too good to be true, it probably isn't legitimate. Use common sense and get a professional, third party opinion when presented with investment opportunities that seem to offer unusually high returns in comparison with other investment options.
For more information on investing and investment fraud, contact Secretary White's Securities Department or visit the Securities Department online.
