Sanctions levied by the New Jersey Bureau of Securities against an executive for inducing 225 investors to buy unregistered stock in his energy company, among other securities violations, was upheld by an appellate panel.
The penalties were imposed by the chief of the bureau on Samuel Burlum and his firm, Extreme Energy Solutions Inc., based in Sparta, including a $1.13 million fine for selling unregistered securities, employing at least 14 unregistered agents to sell them, making false statements, and ignoring the bureau chief’s instructions to cease offering and selling securities during a pending investigation.
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