The top securities regulator in Massachusetts alleges a Rhode Island-based company sold as much as $4 million in unregistered securities.

Secretary of State William Galvin said in an administrative complaint Tuesday that M&M Iron Works of Providence, its president and a former Massachusetts mortgage broker issued promissory notes to 19 Massachusetts investors since 2008 – and received investments from 20 others – without notes or other contracts.

The complaint says "none of the investors have seen any meaningful return on their investments."

Galvin is seeking an accounting of what the respondents received, a disgorging of all profits and fair compensation to investors. He also wants an administrative fine and a cease-and-desist order.

Company President Mario Perretta told The Associated Press "they’re not securities that we sold." He added, "I’d rather not say anything."