State officials halted the operations of Bill Dillon and Co., an undergraduate-run investment firm, pending an investigation of charges of fraud and other business irregularities. The state order included charges that William P. Dillon '79, president of the company, represented the firm as an independent business when it was in fact a branch office of a larger securities firm. Dillon denied several of the state charges, but admitted that some errors might have been made "inadvertently." "The business was growing too fast. The people working with me were taking more initiative than they should have," he said.