Colorado man fined $12K for role as unregistered agent for Chattanooga company
A Colorado man will never again be able to do business in Tennessee.
That's after the Tennessee Department of Commerce & Insurance (TDCI) found Steven Boulter of Central City, Colorado violated state laws by selling investments without properly registering in Tennessee.
Boulter found investors who gave money to Hixson resident Harry Thompson and his company Chattaco between 2012 through 2014 to help purchase new leases on natural gas wells in Kentucky.
The TDCI say those investors were promised profits that never materialized, and were not repaid their principal investment.
Boulter also has to pay $12,277.75 in fines to the TDCI - the total amount he received in commissions and royalties from Chattaco.
The TDCI is seeking sanctions against Thompson and Chattaco, a hearing about the matter was conducted on August 3, 2018 in Nashville. The administrative judge is expected to issue an initial order on the hearing this fall.