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Hawaii Eyes Alleged Viatical Investment Sales

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Securities regulators in Hawaii are accusing a state resident of selling more than $1 million in viatical settlement contracts to investors without registering the contracts as securities.

Hawaii Securities Commissioner Tung Chan has filed a preliminary order to cease and desist and notice of right to hearing in connection with viatical investment sales allegations against Sheila Turner, who also is known as Sheila Turner Souza.

Turner could not immediately be reached to comment on the allegations.

Hawaii requires companies and individuals to register viatical settlement contracts before selling the contracts to investors.