Regulatory Alerts2008-10-03
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News Bulletin 2328 - October 3, 2008
The Connecticut Department of Banking imposed fines totaling $4,520,000 against Key Resource Group LLC and ten individuals for selling unregistered oil and gas interests, violating antifraud provisions, and employing unregistered agents. Specific penalties include $1,275,000 each for Key Resource Group, LLC, Dale C. Lucas, Russell Kilgariff, and Michael J. McNaul, with individual agent fines ranging from $60,000 to $450,000. Additionally, the Department entered a Consent Order with Basic Investors Inc., fining the firm $21,500 and requiring reimbursement of examination costs up to $3,500 for failures regarding fee disclosures, unregistered agents, and supervisory systems.
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