A Washington state oil-and-gas company has been slapped with a cease-and-desist order for allegedly violating the securities registrations provisions of the Colorado Securities Act.
Colorado Securities Commissioner Fred Joseph said that named in the order are Canco Energy Corp. and chief executive Manjit Singh Sahota, both with business addresses in Blaine, Wash. Canco and Sahota also list addresses in Vancouver, B.C.
The staff of the Division of Securities alleged that in May, Canco and Sahota attempted to sell investments in Canco in Colorado by offering 2.5 million shares of common stock at $2 per share in 25,000-share lots.
Canco was promoted as an independent oil-and-gas exploration-and-production company involved in the acquisition, exploration and development of oil and natural gas in mature and emerging fields, including potential drilling activity in Manitoba.
The Division of Securities said Canco and Sahota solicited investors by advertising shares of Canco on a website.
The division alleged that Canco and Sahota failed to register the security offering and, by advertising its offering to the public, violated the registration provisions of the Colorado Securities Act.
The cease-and-desist order directs Canco Energy and Sahota to immediately and permanently stop offering or selling any security in or from the state of Colorado in violation of the anti-fraud, registration and licensing provisions of the Colorado Securities Act or otherwise engaging in violation of any provision of the act.
Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or
