Wednesday, December 10, 2008

F&S Oil being investigated

From the NHRs Luther Turmelle:

The court-appointed receiver overseeing the liquidation of assets of a now-defunct Waterbury heating oil company claims to have uncovered “evidence of potential misconduct, malfeasance, omission and breach of fiduciary duty,” on the part of some of the firm’s executives and employees.

Carlton Helming made his claim regarding the executives and employees of F&S Oil as part of a series of legal filings submitted Friday in Hartford to Superior Court Judge Grant Miller, who is overseeing the liquidation of the business. Helming does not identify any of the former executives and employees that his investigation determined may have committed the malfeasance.“We can identify that there has been malfeasance, but it’s up to the attorney general and Justice Department to follow through,” Helming said.

I want to mention that this article relates to F&S Oil, not the biofuel plant specifically. So please keep that in mind, if you comment.

Tim White

3 comments:

Anonymous said...
This comment has been removed by a blog administrator.
tim white said...

So, 30 (deleted) family members end up getting the BioFuel plant for free. From what Carlton Helming said it was their lack of cooperation that made it impossible to sell this asset. How difficult is it for someone to identify the terms of a lease so that prospective buyers know this information before they bid on a business?

It is really a shame that so many innocent people lost money by prepaying for oil they never got and that (deleted) who said he was sorry for their loss ends up profiting.

Is this the new way of doing business? If it is, I just don't trust people that work that way.

I understand your frustration, but this post doesn't directly relate to the biofuel plant. And if you're going to make comments about non political people, I want you to include your name. I realize I'm far from consistent on this... but at this moment am inclined to require it.

Anonymous said...

Many residents in town and across the state suffered serious financial consequences at the hands of the F&S/Village Oil family of companies. This ex-customer was more than a bit amazed when checks written to F&S began being cashed by someone at the F&S operation but where not credited to the accounts of the check issuer. Attempts to get this error, or misappropriation of funds, corrected met with stone walling the likes of which hadn't been encountered by the check writer in more than 30 years of check writing.

Their service contracts were full of weasel words and exclusions which in some cases included annual furnace cleanings which they didn't perform but charged for. Kind of like taking money under false pretences.

The receiver's latest revelations about possible criminal behavior seems right on target. Based on what has occurred, firing the F&S/Village Oil family of companies has greatly improved all aspects of heating and cooling our household. We missed their final, ultimate collapse but it was clear to us something was seriously wrong with the management practices of these companies for some time.

The ongoing CT BBB files on this group of companies was a good indicator of things to come.