Advent Medical Products, Inc. and Fincke are accused of defrauding New Hampshire investors.
CONCORD, NH (March 29, 2023): The Secretary of State’s Bureau of Securities Regulation has started an action against Massachusetts-based company Advent Medical Products, Inc., and Randall Fincke, a resident of Lincoln, Massachusetts, for alleged investor fraud and for selling unregistered securities.
Fincke is the majority owner of Advent and its chief engineer, sole president, treasurer, secretary, CEO, chief financial officer, and director. Prior to forming Advent, Fincke was found liable for stealing trade secrets and for committing investor fraud in Massachusetts at two separate companies, unrelated to Advent. The Bureau alleges that Fincke committed investor fraud in New Hampshire by failing to inform New Hampshire investors of these actions when he offered them securities in Advent.
Furthermore, the Bureau alleges that since at least 2011, Fincke continuously misled New Hampshire investors and potential investors by claiming Advent’s automated external defibrillators would be available for purchase soon. Advent has never brought any of these products to market. At least one New Hampshire investor relied on these statements when he purchased Advent securities.
The Bureau also alleges that Advent and Fincke have offered and sold unregistered securities since 2011.
The Bureau has petitioned its director for relief (see attached). It has also requested an immediate cease and desist against Advent and Fincke from fraudulent conduct and selling securities. The Bureau is seeking rescission for New Hampshire investors as well as the imposition of fines against Advent and a bar from future security sales. Advent and Fincke have the right to contest the Bureau’s allegations and request a hearing within 30 days of receipt of the order.