A Hilton Head Island man's hearing on accusations he used his investors' money to pay for personal expenses will require at least another session, according to a state Attorney General's Office spokesman.
John McIntyre, former manager of Silver Oak Land Management, met Tuesday morning with officials at the Attorney General's Office in Columbia, spokesman Mark Powell said. The hearing ran past the office's business hours, so it will be continued at a later date.
A date for the hearing will be set after the office checks McIntyre's and witnesses' schedules, Powell said.
McIntyre requested a hearing with the Attorney General's Office in late May. He is disputing 39 alleged violations the office's Securities Division cited in a cease-and-desist order against McIntyre and Silver Oak Land Management.
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McIntyre could be ordered to pay as much as $10,000 for each violation, plus the cost of the investigation.
The cease-and-desist order issued April 19 alleged McIntyre used investors' money to pay for personal expenses, such as shopping trips and pet care.
McIntyre mislabeled expenses on reports to investors to conceal how he used their money, according to the order. For example, money he spent at Victoria's Secret was entered as dinner at "Vic's on the River," the order said.
McIntyre took the money from Silver Oak Energy, a startup biofuel company and a subsidiary of Silver Oak Land Management. Five investors, all with ties to the Hilton Head area, collectively paid about $400,000 for 70 acres in Marlboro County to set up a farm to grow giant Miscanthus grass, a renewable energy source.
Follow reporter Matt McNab at twitter.com/IPBG_Matt.