Environmental and Public Protection Cabinet
Office of Financial Institutions files contempt motion against Jewell Robbins
FRANKFORT, Ky. (Oct. 25, 2006) - The Kentucky Office of Financial Institutions (OFI) has filed a contempt of court motion in Franklin Circuit Court against Jewell Robbins - also known as Jewell Burgin - for allegedly breaking an agreement to cease selling unregistered securities.
The motion by OFI alleges three violations of a voluntary permanent injunction to which Robbins agreed in June 2006. She continued selling securities, failed to assist OFI by identifying her investors and failed to supply OFI with names and locations of financial institutions in which she and her associates maintained accounts.
A hearing on the motion is scheduled on Nov. 16 at 10 a.m. EST before Franklin Circuit Judge Thomas Wingate.
"We take very seriously the responsibility to protect Kentucky investors in the purchase of securities," said Teresa J. Hill, secretary of the Environmental and Public Protection Cabinet, parent agency of OFI. "We will not hesitate to use every tool available to us to prevent attempts to defraud investors."
In 1985 Robbins began selling unregistered securities in the form of interests in litigation - fractional interests in what she might recover as a result of lawsuits filed on behalf of heirs attempting to obtain shares of inheritances from the famous Spindletop oil strike in Texas.
"Our office is seeking information from citizens who may have invested in this scheme," said Cordell Lawrence, executive director of the OFI. "We urge anyone who has been asked by Robbins to invest money to contact our office."
Anyone with information should contact Colleen Keefe or Ronda Paul at (800) 223-2579.
The OFI is an agency of the Department of Public Protection in the Environmental and Public Protection Cabinet. It is charged with licensing, chartering and regulating the activities of state-chartered/licensed depository and nondepository financial institutions.