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Pastimes : Investment Chat Board Lawsuits
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To: Jeffrey S. Mitchell who wrote (865)10/23/2000 5:54:42 PM
From: Tim Hall  Read Replies (1) of 12465
 
Operators of mine to pay $460,000 in restitutions and fines

Associated Press
Oct. 23, 2000 10:38

TUCSON - The operators of an alleged mining investment scheme based in Arizona have agreed to pay more than $460,000 in restitution and fines to settle charges they violated state securities laws.

Calumet Slag Inc. allegedly offered unregistered shares in a dubious venture to extract gold and silver from a mine slag heap in the Black Hills of South Dakota, according to the Securities Division of the Arizona Corporation Commission.

Regulators said company officers Jeffrey G. Crawford of Mesa and Matthew Hunzinger of Glendale told investors the slag pile was worth $15 million based on studies that indicated precious metals could be gleaned from the site.

However, investigators found that at least one report since 1994 concluded there were no significant amounts of gold or silver in the heap.

Calumet allegedly has no significant assets, though by 1999 Calumet principals had raised at least $580,000 from approximately 180 investors.

Without admitting wrongdoing, Crawford agreed to pay restitution of $400,000 and penalties of $15,000. Hunzinger agreed to pay $37,500 in restitution and a fine of $10,000.
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