CASPER, WYO.—Wyoming authorities are investigating allegations that SWI Mitigation, a partner in a project to build portable plastic flood-control walls, sold unregistered securities.
The Wyoming Secretary of State's office is investigating whether SWI, also known as Sea Wall International, was selling securities in a company that had not been incorporated, said Tom Cowan, assistant securities commissioner.
``We're not sure it's ever been formed'' as a company, he said. Investigators alleged that the company was selling financial interests in the firm by word of mouth, he said.
The investigation began in April and could take several more months to complete, Cowan said.
Officials of Casper-based SWI could not be reached for comment but Washington-based States News Service quoted an SWI spokesman as saying no investor lost money.
The company is working with Creative Plastics Inc., a Baltimore rotational molder, to develop the walls but recently ran into financial trouble, leaving Creative to take over a larger portion of the project.