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Published: Saturday, 5/19/2001

Toledoan must end stock sale, Ohio says

The Ohio Division of Securities has issued a cease-and-desist order against a Toledo man and two businesses the agency claims offered unregistered stock in a Nigerian resort hotel, casino, theme park, and 18-hole golf course.

The orders were issued against Edwin Adiotomre of 627 Islington St., 3 Rivers Resort Ltd., and an Internet web site, 3rivers-resort.com.

A spokesman for the enforcement agency said yesterday that the order was issued after Mr. Adiotomre did not respond to a March 15 notice for a hearing.

Documents allege that Mr. Adiotomre started the web site early last year, promoting 100,000 shares of stock at $10 per share through private placements, and that investors putting up a minimum of $1,500 were offered vouchers for a five-night stay at the resort when completed.

The web site, which was operating yesterday, touted a “complete tourist destination in Nigeria ... a place where the tropical sun shines over the palm trees to warm the beautiful clear waters of our river.” The Internet material indicates that the planned resort, 15 miles from the Nigerian city of Warri in the delta region, is to have 450 guest rooms, a casino, and a 20,000-square-foot conference facility.

Mr. Adiotomre and 3 Rivers Resort Ltd. appear in an Internet listing for “Nigerian firms looking for foreign partners.”

However, e-mail messages to all of the listed addresses were returned yesterday as undeliverable. Mr. Adiotomre could not be reached for comment.

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