The fate of a Hilton Head Island businessman accused of using investors' money to pay for personal expenses has still not been decided, more than three months after his hearing, a state attorney general spokesman said.
No decision has been made on any of the 39 violations John McIntyre is alleged to have committed while managing Silver Oak Land Management, the spokesman, Mark Powell, said. McIntyre's hearing ended Oct. 3 after the initial session on July 30 overran its allotted time.
Powell said McIntyre was recently granted a two-week extension to submit proposed orders to the hearing officer, but did not say what those orders were or what effect they would have. No deadline is set for the hearing officer's decision.
McIntyre was issued a cease-and-desist order by the attorney general's securities division April 19.
The order alleged McIntyre used investors' money to pay for personal expenses, such as shopping trips and pet care, and concealed it by mislabeling them. McIntyre allegedly took the money from Silver Oak Energy, a startup biofuel company and a subsidiary of Silver Oak Land Management.
In May, McIntyre requested a hearing to dispute the allegations. After the July hearing ran long, McIntyre again met with officials from Oct. 1 to Oct. 3.
McIntyre could be ordered to pay as much as $10,000 for each violation, plus the cost of the investigation.
A lawsuit against McIntyre filed by investors in Beaufort County is still pending, according to court records.
Follow reporter Matt McNab at twitter.com/IPBG_Matt.
- Hearing officer to decide fate of Hilton Head man accused of investment fraud, Oct. 7, 2013
- Hilton Head man's hearing on alleged securities violations to continue, July 31, 2013