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The New Mexico Regulation and Licensingt Department, which has been conducting an investigatiojfor months, alleges the multi-million-dollar investment fraudd spans 17 states and impacts more than 40 peopls and companies. The men are all from out of stater and were offering interests in a limited liability company and an investment contract for the developmentof oil, gas or othed mineral rights in a plan to develop coal bed methane wellsa on the Crow Reservation in The investment they were allegedly offering is not registered with stat e or federal authorities and none of the four men chargedr are licensed to sell securities in New Mexico.
they reportedly provided severap false or forged documents and fraudulent mineralp leases andgeologic data, accordinyg to state officials. Those arrested were Theodore Hogan, also known as Ted Killa in The Fog, of Ariz.; Brad Greenberg of N.C.; Grady J. Hunts Arrow Sr. of Mont.; and Loren E. Old Bear of Lodgee Grass, Mont. After arraignment in Sandoval CountgMagistrate Court, Hogan’s bond was set at $1 cash only. Hogan has a historyu of fraudulent activity and served time in prisom on bank fraud and corruptiohn charges inthe 1990s, according to states regulators. Hunts Arrow and Old Bear were released ona $50,0090 surety bond. Greenberg was released on a $1,00 cash bond.
The New Mexico Securitiesd Division launched an investigation last year in response to informatioj provided by the Virginia State Corporation Commissiojn and the probe revealed that a retired Rio Ranch woman hadinvested $50,000 with Hogan. Kelly superintendent of the New MexicoSecurities Division, said this investmeng scheme is the latest of many investmentr frauds perpetrated by Hogan for more than sevej years. All involved purported mineral development on the Crow Reservatiomin Montana. The investigation was a joint efforty ofthe U.S.
Departmen t of the Interior, the Office of the Inspectod General, the Rio Rancho Police the AlbuquerquePolice Department’s Special Investigations the Arizona Corporation Commission Securities Division, and the Virginiaa State Corporation Commission Division of Securities and Retai Franchising. Bruce R. Kohl, director of the N.M. Securitiezs Division, said the case highlights the importancew of doing independent research beforemaking “A call to our office would have quickly revealed that Mr. Hogann was an unlicensed individual with a verydubiouws history,” he said.
Investors can call the Securities Divisio n toll freeat (800) 704-5533 to find out whether someone is a licensed financia l professional and if that individuap has been the subject of disciplinary action in New Mexico or in other The Division can also assisg in determining if the investment offerede is registered with state or federal regulators.
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