State official to appeal ruling in case involving Colorado Springs company
Colorado Securities Commissioner Fred Joseph said Tuesday he will appeal a ruling by a Denver judge that oil and gas joint ventures marketed by a Colorado Springs company were legal instruments.
Joseph and the Colorado Securities Commission sued HEI Resources Inc. and Heartland Energy Development, contending their investments were improperly marketed to hundreds of investors using pressure tactics.
Six investors testified for the state that they collectively lost $4 million in the oil and gas drilling ventures, according to the court ruling.
However, Denver District Judge Michael Martinez rejected the state’s arguments in a ruling last month.
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FILE – This Sept. 3, 2013 file photo shows Rep. Trey Radel, R-Fla. on Capitol Hill in Washington. Radel has been charged with misdemeanor drug possession in Washington. District of Columbia court records show charges against Congressman Henry “Trey” Radel were filed Tuesday. (AP Photo/J. Scott Applewhite, File)
