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The Boca Raton, Fla.-based company, its president Glenn Hoppes and salesperson Joseph Hilton, who is also known as Joseph Yurkin, and his company, New Horizon Publishing Inc., also of Boca Raton, got the order after allegedly soliciting individuals to invest in two oil and gas interests being offered by United States Energy Corp.
The wells reportedly were located in Overton County, Tenn. The total offering was 35 units at $5,000 per unit, for a maximum investment amount of $175,000. The investor was told to expect returns of $3,600 per month for the next 25 years for each unit purchased.
The staff of the Colorado Division of Securities alleges that the company failed to register the security offering and, by offering the investment opportunity to the public at large through the use of cold calling prospective investors, violated the state’s securities act.
Hilton and the company also attempted to sell the stock in Colorado without proper licenses, according to the securities division.
Finally, the division alleges that the company violated the anti-fraud provisions of the securities act for failing to disclose to prospective investors that one of its sales staff — Hilton — had previously been subject to a permanent injunction in an SEC action, was the subject of a cease-and-desist order issued by the Texas securities commissioner and a cease-and-desist order issued by the Ohio securities commissioner, and was barred from the securities industry in connection with the SEC action.
more:
http://www.bizjournals.com/denver/news/2012/02/24/us-energy-corp-ordered-to-stop.html?page=2
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