Department of Financial Institutions
DFI Makes Motion to Hold Robbins in Contempt

Press Release Date:  Monday, June 30, 2008  
Contact Information:  Kelly May, Public Information Officer
502-573-3390, ext. 252
800-223-2579, ext. 252
kelly.may@ky.gov
 


   FRANKFORT, Ky. (June 30, 2008) – The Kentucky Department of Financial Institutions (DFI) today entered a motion in Franklin Circuit Court to hold Jewell Robbins in contempt of court for violation of the court’s orders of June 12, 2006, and May 10, 2007.

   DFI believes Robbins continues to defy the court’s order to refrain from selling securities. A hearing on the motion of contempt is scheduled for Wednesday, July 9, at 9:30 a.m. in Franklin Circuit Court, Division II.

   On June 12, 2006, Robbins signed a voluntary permanent injunction order that bars her from selling any securities, including partial interest in litigation or judgments. Robbins sold shares in lawsuits that attempt to claim inheritance related to the Spindletop oil strike in Texas. An order was entered May 10, 2007, finding Robbins in contempt of court because she continued to sell securities, despite the injunction. The judge sentenced her to 120 days in jail, but suspended the sentence contingent on her complying with the court orders.

   DFI is an agency in the Public Protection Cabinet.  It supervises the financial services industry by examining, chartering, licensing and registering various financial institutions, securities firms and professionals operating in Kentucky. DFI’s mission is to serve the public through effective and efficient regulation that promotes consumer confidence and economic growth.

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