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Alleging sales of unregistered stock and misrepresentation, the Oklahoma Securities Commission has obtained a restraining order against Oklahoma City-based Vulcan Oil and Gas Inc., blocking the firm from selling new securities.
The OSC petition, filed in Oklahoma County District Court, seeks a permanent injunction against the company and also asks that an equity receiver or conservator be appointed to take the records and assets of Vulcan and establish a trust fund so investors can be reimbursed for their reported losses to Vulcan.
Oklahoma Securities Commission administrator Frank E. Marley, Jr. said hearings on the temporary and permanent injunction will be held Sept. 13.
The OSC alleges Vulcan officers and employees, not registered securities dealers, sold unregistered securities.
The OSC contends Vulcan allegedly gave misleading statements about the potential productivity of a well, that investors were overcharged on the operation costs of wells, that the firm told investors the securities were registered and that salesmen were not getting commissions when commissions were paid and that investors were falsely told their securities were exempt from registration.
Vulcan officers refused comment about the case.
Included in the petition as plaintiffs are Vulcan president J. Rod Francher, Vulcan secretary Reginald Francher, vice president Randall Francher, treasurer F. Lee Clayton, vice president James T. Thomas, employee Dale Chisum, employee Mike Sims and Oklahoma National Bank and Trust Co. BIOG: NAME: