Securities bureau halts fundraising
June 28. 2012 11:27PM
CONCORD - The New Hampshire Bureau of Securities Regulation has filed an order to cease and desist against Team Resources, School Creek Production and Development Fund I Partnership as well as Kevin Boyles, the Team Resources president, who have sought investors in New Hampshire for oil and gas ventures that drill in the state of Kansas.
The bureau has alleged that one of the ventures, School Creek Production and Development Fund I was acquiring investors through general solicitation and general advertisement, which is prohibited since the venture is a private placement and not a public offering of securities.
In one case, a New Hampshire investor came to invest through an ad that was placed on the internet for Mobile Diagnostics Centers. When the investor called regarding Mobile Diagnostics Centers, she was also asked if she wanted to invest in an oil and gas venture with Team Resources.