BUSINESS REGISTRATION DIVISION
DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
STATE OF HAWAII

TO: TIMOTHY M. GRANT

YOU ARE HEREBY NOTIFIED that the Commissioner of Securities of the Department of Commerce and Consumer Affairs, State of Hawaii, issued a Preliminary Order to Cease and Desist against you on March 8, 2006 alleging that you have violated the Uniform Securities Act, Chapter 485, HRS, and that, therefore, disciplinary action should be taken against you.
Pursuant to Section 485-18.7 of the Act, you may request a hearing on this matter within thirty (30) days of the date of this Order. Said request must be in writing and delivered to: Office of Administrative Hearings, Department of Commerce and Consumer Affairs, State of Hawaii, P.O. Box 541, Honolulu, Hawaii 96809 within thirty (30) days of the date of this Order. A copy of said written request for a hearing must be simultaneously served upon the Securities Enforcement Branch, Department of Commerce and Consumer Affairs, State of Hawaii, P.O. Box 40, Honolulu, Hawaii 96810.
If a hearing is requested, it shall be scheduled within fifteen (15) business days after your written request has been received by the Office of Administrative Hearings unless extended by the Commissioner for good cause.
If no written request for hearing is received by the Office of Administrative Hearings and none is ordered by the Commissioner, this Preliminary Order to Cease and Desist shall constitute the Final Order of the Commissioner and shall remain in effect unless and until modified or vacated by the Commissioner.
You are hereby further notified that pursuant to Section 16-201-23 of the Hawaii Administrative Rules for Administrative Practice and Procedure, Respondent may, within ten (10) days after the Preliminary Order to Cease and Desist becomes a Final Order, move the Commissioner to reconsider the Final Order. Additionally, pursuant to Section 485-23, Hawaii Revised Statutes, Respondent may file an appeal with the Circuit Court of the First Circuit of the State of Hawaii in the manner provided in Chapter 91, Hawaii Revised Statutes.
You have the right to retain legal counsel for all stages of these proceedings. Copies of the specific allegations against you are available at the Securities Enforcement Branch, 335 Merchant Street, Room 205, Honolulu, Hawaii 96813, or telephone (808) 586-2740.
DATED: Honolulu, Hawaii, July 14, 2006.

HENRY K. TANJI
Acting Commissioner of Securities
STATE OF HAWAII
(SB05523766 7/23, 7/30/06)