Administrative Subpoena: TARGET OIL & GAS CORP. V. COM. (COA; 5/26/2006)

TARGET OIL & GAS CORP. V. COM.
ADMINISTRATIVE LAW:  Agency's subpoena power 
2004-CA-001947
PUBLISHED 
AFFIRMING (KNOPF)
DATE:  5/26/2006

Target Oil and Gas Corporation and Target’s president, Michael Smith, (Target) appeal from an order of the Franklin Circuit Court requiring Target to comply with a subpoena duces tecum issued by the executive director of the Commonwealth’s Office of Financial Institutions.  Target maintains that the subpoena exceeds the director’s investigative authority and otherwise amounts to an unconstitutional invasion of its internal affairs.   An inquiry into potential securities fraud is within the director’s authority as is a subpoena to further that inquiry. 

Digested, M. Stevens

Comments

[Randy Harris]

These people the most dishonest people I have ever dealt with. I and a couple of my friends invested with them 5 years ago. It seems every time I would ask for information,that salesman had been let go. I believe Kentucky does not regulate these boiler rooms and have set themselves up. I invested 50,000 and maybe received 1500 in revenues.I knew something was not correct when they kept giving excuses as to why wells did not produce and when I flew there to see the wells, Mike Smith did not even have the decency to meet with me. I have never had anything but lies and deceit form these people. If they were in my state we would have a little tar and feather party for him. To this date, after many requests, they still have not given my any dry well declarations. These wells we invested in were shallow wells in Kentucky and Tennessee. Drilling in that state is done with an air unit. They do not encounter normally high pressures. Their version of the BOP looks like a 5 gallon can.

[Bill Hall]

I would like to know information about hurricane 6,7,8,9 thanks Bill

[David Stewart]

I invested with another oil company from ky that also had to turn all of their records over. Less than 2 weeks later I started getting about 10 calls a day from other oil companies in ky. The only reasonable explanation I can think of is that when the state of ky got all of their information they sold it out to other oil companies because up until then I had never received any calls from any oil companies. My son and neighbor also invested with the same company I did and they also started receiving sales calls from other oil companies from ky about 2 weeks after thier info was turned in. I can't think of any other explantion of why we would all start getting tons of sales calls 2 weeks after the state of ky got all of their records. I agree with target, I don't think they should turn thier records over just so the state can sell thier investor's names to other oil companies.

[Charles Irwin]

Absolutly the most honest Oil company i have ever invested with. I support Target 100% when I invested I didn't agree to turn my personal information over to anyone but them