A Greeley man has been sanctioned by the Division of Securities for violating state law and offering unregistered investments.
Patrick A. Kelly placed advertisements on Craigslist asking investors for his start-up professional basketball team, called the Colorado Cougars. Kelly wanted help financing the team with the plan that the Cougars would join play in the American basketball league, a minor league professional basketball league.
Kelly said he was looking for a short term loan with a 20 percent return or partial ownership in the team.
The division of securities said the interest in the am offered by Kelly was, in fact, a security offering that he failed to register with the state.
Kelly agreed to stop offering the securities publicly, without admitting guilt.