Sunwest nailed with $8M in fines

The state of Oregon hits Sunwest Management, its former CEO and its affiliates with fines.

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The state issued $8 million in fines to Sunwest Management following the company’s highly publicized fallout with investors.

The state of Oregon slammed Sunwest Management, several of its affiliates and former CEO with $8 million in fines Tuesday, claiming the ailing chain of assisted living centers misled investors, lied about the true condition of the company and used unlicensed salespeople to sell unregistered securities.

The Oregon Division of Finance and Corporate Securities issued civil penalties of $4.2 million against Jon Harder, co-founder and former CEO of the Salem company. It also levied fines of $3.8 million against Sunwest and several of its affiliate companies.

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