Oregon Department of Justice

Attorney General Ellen F. Rosenblum

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AG PROHIBITS THOMAS REGAN FROM DOING BUSINESS IN OREGON

September 18, 2007

Attorney General Myers Prohibits Idaho Man From Doing Business in Oregon Following Numerous Misleading Dealings with the Elderly

Attorney General Hardy Myers today announced the filing of an agreement with a former Lake Oswego man putting him permanently out of business in the State of Oregon and preventing him from borrowing money or taking investments from any Oregon consumer. Named in an Assurance of Voluntary Compliance (AVC) filed in Marion County Circuit Court is Thomas O. Regan of Meridian, Idaho. The agreement admits no law violation.

"Regan has a long history with the Oregon Department of Justice (DOJ) and other law enforcement agencies concerning numerous shady dealings that appear to target the elderly," Myers said. "It's important that residents of our state know that he can no longer operate here in any possible manner and if approached by him, they should report the activity immediately by calling our consumer hotline."

The Financial Fraud/Consumer Protection section of DOJ first investigated Regan in 1990 for selling living trusts. In 1996, DOJ sued Regan and others in Wasco County Circuit Court in a prosecution of a trust mill, North American Senior Association. Regan signed an AVC in 1997 resolving his part in the operation.

DOJ again investigated Regan in 2000 following allegations of elder abuse of a retired Salem doctor. That investigation was followed by a 2002 investigation also involving a senior, resulting in a 2006 state administrative order from the Division of Finance and Corporate Securities for $20,000 in civil penalties against Regan for selling unregistered securities.

In DOJ's most recent investigation of Regan's activities, investigators were approached by an elderly woman's son who alleged that Regan, after selling his mother a living trust, had taken thousands of dollars from his mother over an extended period of time.

Under today's AVC, Regan has 120 days to refund the complainant's elderly mother $20,000. If Regan fails to meet the deadline, DOJ will file for a default judgment of $40,000 plus an additional $5,000 in attorney fees and investigative costs for DOJ. Regan also agreed to not violate the Unlawful Trade Practices Act and the Elderly Persons with Disabilities Abuse Prevention Act.

Myers explained, "Seniors need to be wary of friendships based almost entirely on providing financial support to someone else."

Consumers wanting information on living trusts and consumer protection in Oregon may call the Attorney General's consumer hotline at (503) 378-4320 (Salem area only), (503) 229-5576 (Portland area only) or toll-free at 1-877-877-9392. Oregon DOJ is online at www.doj.state.or.us.

Contact:

Jan Margosian, (503) 947-4333 (media line only) jan.margosian@doj.state.or.us |
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