Business Buzz: Craig insurance agency develops new app

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Draper Insurance Group recently put its own mobile app on the online marketplace.

The app, available for a free download on mobile devices through Google Play or the Apple App Store, enables customers to manage their policies, get quotes, view claims statuses and communicate with personnel in a new format.

The software was put together using RedHead Mobile Apps.

For more information aboout the business’s services, call 970-824-8663 or visit www.draperinsurancegroup.com.

Craig fitness company to host open house on Wednesday

Parate Fitness and Warrior Princess Training will hold an open house for the public from 6 to 8 p.m. on Wednesday at the fitness training facility located on the east side of Centennial Mall in Craig.

Trainers Mark Brown and Jessie Cramer will give a tour of the new facility and conduct fitness demonstrations where patrons can get a mini workout. All ages and ability levels are welcome. For more information contact Brown at 970-985-0944 or Cramer at 970-629-5146.

Lariot Lee Liquors in Craig closes

Lariot Lee Liquors located at 391 Lincoln St. in Craig closed its doors last week.

No one from the business could be reached for comment. It’s unknown if the store is permanently closed or if it will open in a different location.

Colorado securities commissioner sanctions California company

A California company is under investigation for selling penny-stock shares to an elderly widow in Montrose.

Colorado Securities Commissioner Gerald Rome announced that he has entered a final cease and desist order against a California technology company and its executives for allegedly violating the securities registration and broker-dealer licensing provisions of the Colorado Securities Act in connection with the offer and sale of securities in Colorado, according to a press release.

Service Team Inc., its President, Carlos Arreola, and Vice President, Robert L. Cashman, all located in Villa Park, California, are named in the order.

The staff of the division of Securities, a Division of the Department of Regulatory Agencies (DORA), alleged that in February 2013, Service Team, Arreola, and Cashman offered and sold 50,000 shares of Service Team at $.50 per share to an elderly widow in Montrose. Service Team was promoted as a technology company that services and repairs electrical appliances under warranty, and the stock was touted as a growth and value stock.

Service Team, Arreola, and Cashman employed an unlicensed broker-dealer and sales representative who solicited the investment by cold-calling investors. The staff alleged that Service Team, Arreola and Cashman failed to register the security offering and employed an unlicensed broker-dealer and sales representative.

“Any investor should be particularly leery of unsolicited offers to purchase securities through cold-calling, especially when they are offering penny stocks,” Commissioner Rome said in a statement. “Penny stocks are low priced securities that lack information and have poor liquidity, making them an easy target for fraudsters.”

The cease and desist order, which Service Team, Arreola and Cashman agreed to, orders the parties to immediately and permanently cease and desist offering or selling any security in or from Colorado in violation of the registration and licensing provisions of the Act or otherwise engaging in conduct in violation of any provision of the Act. As part of the agreement, Service Team, Arreola and Cashman have rescinded the sale and returned the investor’s money.

A copy of the order can be obtained from the Division by calling 303-894-2320.

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