Bismarck, ND - North Dakota Securities Commissioner Karen Tyler has ordered New Hi-Tech Oil & Gas Discoveries, LLC, and Dennis W. Stutes to cease and desist from the offer and sale of securities in this state. The respondents have addresses in San Jose, CA, Tulsa, OK, and Bismarck, ND. In a filing made with the North Dakota Securities Department for the offer and sale of membership interests, respondents New Hi-Tech and Stutes failed to disclose that Stutes has been the subject of regulatory actions in the states of Iowa, Oklahoma, Indiana, Wisconsin, California and Hawaii. Cease and Desist orders were issued by each state with alleged violations of the offer and sale of unregistered securities, and in the case of Hawaii, the allegation of fraud in the sale of oil and gas ventures. Failure to disclose material information to potential investors constitutes a material omission and a fraudulent practice under North Dakota securities laws. Since the time of the filing with the North Dakota Securities Department, New Hi-Tech Oil & Gas Discoveries, LLC and Dennis W. Stutes have also been the subject of a Cease and Desist order issued by the state of Pennsylvania, alleging the offer of unregistered securities and failure to disclose material information to investors. Information concerning this matter can be submitted to the North Dakota Securities Department at (800) 297-5124 or 701-328-2929. Before making any investment, investors should contact the Department to verify the legitimacy of the investment opportunity and to check the background and registration status of the individual soliciting the investment. The North Dakota Securities Department can provide detailed background information about those who sell securities or give investment advice, and about the products being offered.
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