A Dover man, accused of taking investments in his Candia waterpark, Liquid Planet, has been ordered to make $1.3 million in restitution. According to an emailed statement, a hearing officer for the NH Bureau of Securities Regulation ruled that Kevin Dumont, violated several NH securities laws during the time that he was a majority owner and operated Liquid Planet Water Park, which shut down 2015 when its primary lender foreclosed.
The water park gained national attention when in 2015, in the midst of foreclosure proceedings, Dumont chained himself to the top of one of the waterslides and held a 24-hour vigil for new investors to come in and save the park. That didn't happen and the park was bought by a competing water park in foreclosure.
In his ruling, Hearing Officer Kevin Moquin found that Dumont sold member interests in a holding company, Liquid Planet Holdings, LLC, in violation of the state securities registration requirements, and also failed to disclose to investors material information such as that the park lacked general liability insurance, had not made payments on its Small Business Administration loan, and had been in default on that loan for years.
Over the course of the existence of the business, Dumont raised over a million dollars from 22 investors with the aid of unlawful general solicitation and advertising such as signage, a website, and a flier given to patrons at the park, the statement reads.
Dumont was ordered to cease and desist, he was barred from any future securities licensing and registration, ordered to pay costs of $50,000, fines of $75,000 and restitution of $1,332,500 to investors. Dumont has the right to appeal the decision within 30 days of a final order.
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