The Alberta Securities Commission (ASC) has concluded a settlement with Petroleum Unlimited, LLC, and Ohio-resident Roger A. Kimmel Jr. regarding allegations that they did not follow registration and prospectus requirements as required under Alberta securities laws and failed to comply with a July 3, 2008 ASC Interim Cease Trade Order.

Kimmel paid $20,000 to settle the allegations and $5,000 towards costs. Kimmel and Petroleum Unlimited agreed to cease trading in or purchasing securities and to refrain from using Alberta securities laws exemptions for seven years.

In the settlement agreement, Kimmel admitted he incorporated Petroleum Unlimited and made arrangements for Global Petroleum Strategies, LLC to sell Petroleum Unlimited securities without complying with registration and prospectus requirements. Kimmel and Petroleum Unlimited also admitted that they failed to ensure that Global Petroleum Strategies only sold Petroleum Unlimited securities to accredited investors and that their failure to comply with the Interim Cease Trade Order constituted conduct contrary to the public interest.

IE