I would say this is a little interesting tidbit
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Native American Energy Group, Inc. and Raj S. Nanvaan f/k/a Tejbir Singh
?(CRD No. 2801400) Each Fined $100,000
On March 13, 2020, the Banking Commissioner entered an Order Imposing Fine (Docket No. CRF-20-8480-S) against Native American Energy Group, Inc. of 61-43 186th Street, Suite 507, Fresh Meadows, New York 11365. The corporation is a purported development stage company specializing in oil, natural gas and alternative energy systems.
Also on March 13, 2020, the Commissioner entered a separate Order Imposing Fine against Raj S. Nanvaan , the company’s Chief Financial Officer.
The Orders Imposing Fine had been preceded by a January 28, 2020 Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CRF-20-8480-S) which, in addition to naming Native American Energy Group, Inc. and Raj S. Nanvaan as respondents, also named Joseph Gatano D’Arrigo , Co-Founder and Chief Executive Officer of the company, and J.R. Bautista, Jr. , a company consultant. Bautista had been the subject of a January 17, 1990, agency Consent Order based on allegations of unregistered agent activity. That Consent Order resulted in an 18 month bar being imposed against Bautista.
The January 28, 2020 action had alleged that respondents Native American Energy Group, Inc. and Bautista violated Section 36b-16 of the Connecticut Uniform Securities Act by selling unregistered common shares of the company to at least one Connecticut investor. The action had also alleged that all the respondents violated the antifraud provisions in Section 36b-4(a) of the Act by failing to disclose to the affected investor that the investment proceeds were actually being wired out to respondents D’Arrigo, Nanvaan and Bautista rather than being used to invest in oil or gas investments.
Each of the respondents was afforded an opportunity to request a hearing on the allegations in the January 28, 2020 Order to Cease and Desist, Order to Make Restitution and Notice of Intent to Fine. Since respondents Native American Energy Group, Inc. and Nanvaan failed to request a hearing, the Order to Cease and Desist and Order to Make Restitution became permanent as to them on February 16, 2020 and February 23, 2020, respectively.
Similarly, respondents Native American Energy Group, Inc. and Nanvaan did not request a hearing on the Notice of Intent to Fine, and the March 13, 2020 Orders Imposing Fine were therefore entered by default. Finding that Native American Energy Group, Inc., violated Sections 36b-16 and 36b-4(a) of the Connecticut Uniform Securities Act, the Commissioner fined the company $100,000. Likewise, finding that Nanvaan violated the antifraud provisions in Section 36b-4(a) of the Act, the Commissioner imposed a $100,000 fine against Nanvaan.
