ED Magedson – Founder
Mark Deaton - Renegade TraderInternet United States of America
ORDER IMPOSING FINE
Banking Commissioner (Commissioner) is charged with the administration of Chapter 672a of the Connecticut General Statutes, the Connecticut Uniform Securities Act (Act), and Sections 36b-31-2 to 36b-31-33, inclusive, of the Regulations of Connecticut State Agencies (Regulations) promulgated under the Act;
A fine of Three Hundred Thousand Dollars ($300,000) be imposed against Mark Deaton to be remitted to the Department of Banking by cashiers check, certified check or money order, made payable to Treasurer, State of Connecticut, no later than 45 days from the date this Order is mailed; and
This Order shall become effective when mailed.
Dated at Hartford, Connecticut Howard F. Pitkin
this 29th day of September 2008. Banking Commissioner
In addition, Key Resource Group, controlled by Lucas, Kilgariff and McNaul, employed Duboise, Bay, Phillips, Hunter, Folkinga and Deaton as agents of issuer, absent registration, and Duboise, Bay, Phillips, Hunter, Folkinga and Deaton acted as agents of issuer, absent registration. Respondents conduct in connection with the offer and sale of the unregistered securities was egregious. The investments were sold to investors with no previous experience with these types of investments and Respondents failed to disclose any risk factors to the investors in the investment or that the sales agents were paid as much of 50% of the investment as a commission. There was monetary harm to the Connecticut investors as a result of their investment in unregistered securities offered and sold by Respondents, since all of the investors lost money as a result of their investment and Respondents did not reimburse the investors losses.
The Commissioner finds that based upon Duboise, Bay, Phillips, Hunter, Folkinga and Deaton acting as agents of issuer, absent registration, in violation of Section 36b-6(a) of the Act, the facts require the imposition of a fine against (i) Duboise in the amount of Twenty Thousand Dollars ($20,000) for four violations under Section 36b-27(d) of the Act prior to October 1, 2003; (ii) Bay in the amount of One Hundred Five Thousand Dollars ($105,000) for one violation under Section 36b-27(d) of the Act prior to October 1, 2003, and two violations under Section 36b-27(d) of the Act as it currently exists; (iii) Phillips in the amount of Fifty Thousand Dollars ($50,000) for one violation under Section 36b-27(d) of the Act as it currently exists; (iv) Hunter in the amount of One Hundred Fifty Thousand Dollars ($150,000) for three violations under Section 36b-27(d) of the Act as it currently exists; (v) Folkinga in the amount of One Hundred Thousand Dollars ($100,000) for two violations under Section 36b-27(d) of the Act as it currently exists; and (vi) Deaton in the amount of One Hundred Thousand Dollars ($100,000) for two violations under Section 36b-27(d) of the Act as it currently exists.
'Cease, desist' orders involve Hutch area businessmen
Civil actions allege securities fraud regarding oil, gas equipment and leases.
By John Green - The Hutchinson News
The Colorado Securities Commissioner filed a complaint.
The state alleged Lucas, Kilgariff and McNaul employed at least six other men - Mark T. Duboise and Greg Hunter, both of Yorba Linda, Calif.; Mike Bay, San Diego, Calif.; George Phillips, Encino, Calif.; Ronald Folkinga, Town Falls, Idaho; and Mark Deaton, Twin Falls, Idaho - to make the solicitations, though none were registered agents in Connecticut.
The company also is alleged to have failed to disclose to investors "financial information about the performance of prior interests in oil and gas rights where (Key Resources) was the operator" and that the sales agents were paid as much as half of the investment amount as commission, in effect reducing by half the amount of investors' money that actually could be used for operational purposes.
This report was posted on Ripoff Report on 06/28/2010 11:29 AM and is a permanent record located here: http://www.ripoffreport.com/r/Mark-Deaton-Renegade-Trader/internet/Mark-Deaton-Renegade-Trader-Internet-618387. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
Advertisers above have met our
strict standards for business conduct.