Colo. securities division sanctions Penn. oil company

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The Colorado Securities Commission sanctioned Consolidated Energy Partners Inc. of Pennsylvania for violating the securities registration provisions of the Colorado Securities Act.

The company, it’s president, Jon V. Malis, and Timothy D. Coleman were cited by the division for attempting to sell investments in an oil and gas related venture in its Lehmann Drilling Program in Crawford County, Penn. The two men are accused of cold calling investors in Colorado, attempting to raise $645,000 and $860,000 for drilling of the oil well.

The division of securities alleges that offers for the joint venture interests in the program were securities that were not registered or exempt from registration.

The state has ordered Northeastern to cease and desist from selling securities in Colorado  in violation of the anti-fraud, registration and licensing provisions of state law.