North Haverhill business accused of banking without license
A New Hampshire business handling business and personal finance has agreed to a state order requiring it to cease and desist from securities and banking activity, while neither admitting nor denying allegations of misconduct.
Upper Valley Commercial Corp. in North Haverhill filed notice Tuesday that it is seeking bankruptcy protection. The New Hampshire Bureau of Securities Regulation and the New Hampshire Banking Department announced the consent order the same day, accusing the business of selling securities without a license and distributing unregistered securities. No criminal charges have been filed.
The business, which lists David Patten and Alvin Fadden as principal officers, is engaged in borrowing money from individuals with the promise of returning the money plus interest.
The bankruptcy protection filing estimates there are 100 to 199 creditors.