1994 SP runs but won't shut off.

[kartking22]

We just purchased a 1994 Seadoo SP which runs great. Problem is that it doesn't shut off with either the tether or the stop button. I believe that it is actually illegal to run this if the tether does not work properly. I am guessing that the ignition module is bad. Could someone please verify or disown this claim before I spend the money on a new module. I tested the tether, stop button and start button to verify that these all do actually work. Ski would not start if any of these were faulty. It just won't stop if the tether is pulled or stop button is depressed.
Any help is very appreciated. Thanks.
Dave.