<< All News Wednesday, January 26, 2005

Bismarck, ND - North Dakota Securities Commissioner, Karen Tyler, issued two orders today, proposing to deny the agent application of Bruce A. Hager, and the investment adviser application of Bison Capital Management, LLC. Hager is the owner and president of Bison Capital Management, LLC.

Hager, a resident of Fargo, allegedly engaged in several transactions in Intellisol, Inc. stock and investments in several entities which were apparently created for the purpose of distributing interests in Intellisol, Inc. stock to investors. Hager received in excess of $125,000 in commissions and more than 43,000 shares of Intellisol stock as compensation for these sales activities, according to the Orders.

None of the subject securities were registered with the Securities Department, as required by North Dakota law. Securities registration protects North Dakota investors by ensuring that investors receive complete information about the Securities, and that the offering meets the standards set by the Securities Department.

Hager was not working with a registered dealer with respect to these transactions, and did not inform his employer of the income he was receiving as a result of his activities. This is a dishonest or unethical practice under North Dakota Securities law.

State law and industry rules require that all securities transactions be conducted through a registered firm, and with the full knowledge of the registered firm. Additionally, industry rules require that any outside business activities of a securities agent be disclosed to the firm.

The Orders are necessary to protect North Dakota investors, said Tyler. North Dakota investors deserve to deal with professionals who adhere to the highest ethical standards.

According to the Orders, Hager recently resigned his position as a securities agent based on allegations that he had violated his firm's policies and industry rules. This resignation came as an apparent result of the firm's internal investigation into Hager's activities relating to sales of Intellisol, Inc. stock.

According to the Orders, Hager has previously violated state law and industry rules with respect to other private securities transactions.

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