The Utah Division of Securities is moving administratively against a company that promised investors annual returns of up to 154 percent.

An administrative complaint filed by the division alleges that Jay Dee Harris, a representative of Acquire Venture Capital Group, told prospective investors that with a minimum investment of $10,000, their money would be pooled and deposited in a top 25 world bank.Then the pooled fund would be used to secure a $6 million loan from the International Monetary Fund and the money would be loaned in overseas transactions that would yield high returns for investors, the complaint said.

Division officials said details of the program were kept secret from investors, who were required to sign agreements stating they would not attempt to contact any of the bank, bank officers or account holders who were involved in the offshore transactions.

The division also alleges that investors were not informed that Harris and Acquire Venture Fund Group had been ordered to cease and desist by the Idaho Department of Finance, which found last August that Acquire had committed securities fraud and offered to sell unregistered securities.