Crow man must repay investors $2.2 million for phony energy development plan
Arizona officials have ordered Crow tribal member Ted Hogan and his wife to pay $2.2 million to investors for cheating them in a phony energy development scheme.
The Arizona Corporation Commission says Hogan, his wife Christina Damitio and their company, Theodore J. Hogan and Associates, violated the law by selling unregistered securities to investors.
The Billings Gazette reports the commission found that Hogan and Damitio, who live in Sedona, misled 32 investors about a plan to develop oil and gas wells on the Crow Reservation in Montana. The project, Hogan said, would earn at least $360 million within a year in commissions and royalties.
The commission, which on Feb. 17 ordered the couple to pay $2,208,310 restitution and a $45,000 penalty, said he falsely assured investors that their money was safe because the project was bonded and guaranteed by the federal government.
Source: Associated Press