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NH Secretary of State David Scanlon (Courtesy photo)
CONCORD - The New Hampshire Secretary of State's Office on Thursday ordered John Forma and O'Brien Energy Resources Corporation to stop offering federal covered securities and all securities in New Hampshire after a staff petition was received from the New Hampshire Bureau of Securities Regulation.
The order was initiated due to a complaint received by the Bureau. The O'Brien Energy Resources Corporation and Forma are ordered to both stop offering federal covered securities and all securities in New Hampshire.
Forma is the owner of the O'Brien Energy Resources Corporation, which is located in Portsmouth.
The Bureau alleges that the O'Brien Energy Resources Corporation and Forma have offered 40 joint venture offerings to 100 individual investors over the past 10 years. However, these securities are not registered anywhere, nor have notices been filed with the Bureau as required by state law, according to a release sent from the Secretary of State's Office on Thursday.
The Bureau also alleges that O'Brien Energy Resources Corporation and Forma have not complied with a subpoena the the Bureau. The Bureau requested 10 years of signed, executed joint venture agreements, while O'Brien Energy Resources Corporation and Forma only produced 6 years of these agreements and did not produce agreements that included investor names.
The Secretary of State's order grants immediate and preliminary relief by ordering the respondents to immediately stop offering federal covered securities.
The respondents are also ordered to cease and desist from offering any securities, rescind all securities sold to investors in New Hampshire or elsewhere, and pay a fine of $850,000 and costs to the Bureau of up to $50,000.
Individuals who have invested in any O'Brien joint ventures can contact the Bureau of Securities Regulation with questions or concerns.
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