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A state agency in Virginia ruled Monday that Crow tribal member Ted Hogan violated the state's securities laws when he promised Virginia investors several million dollars in commissions for minerals development on the Crow Reservation.

The Virginia State Corporation Commission ordered Hogan and his company to pay a total of $95,000 in civil penalties plus $13,117 for the cost of the investigation. The penalties could be waived if Hogan repays the investors by Jan. 1.

The five-page final order by the commission adopts the findings and recommendations of a hearing examiner, who issued a report in September after holding a hearing in July in Richmond, Va.

Hogan, of Sedona, Ariz., has denied the charges. He did not appear at the hearing and did not file comments on the examiner's report.

Hogan said Monday that he had not seen the order and had no comment.

The securities case against Hogan stemmed from a complaint filed by Virginia residents Elaine and William Roulidis. The couple and William Roulidis' brother invested $62,000 with Hogan and his company, Theodore J. Hogan and Associates, in 2004.

Elaine Roulidis signed an agreement with Hogan for 5 percent interest in a potential $360 million in commissions that Hogan said he expected to receive in six months to a year after minerals development began on the Crow Reservation.

Hogan sold the same 5 percent agreement to at least 40 other investors in other states for various amounts.

Elaine Roulidis declined to comment Monday.

Hogan's development never happened. But bank records showed that Hogan received $2.1 million from investors, and he admitted earlier to receiving about $4.1 million from investors, the commission said.

"The evidence also supported the conclusion that Hogan did not use any of these funds for the purported venture, but instead converted investor funds for his own personal use," the commission said.

The commission agreed with the hearing examiner that the magnitude of the fraud perpetrated on the Virginia investors warranted imposing the maximum penalties by law, which is $5,000 per violation. The commission found that Hogan violated the regulations 11 times, while his company violated them eight times.

The fallout between Hogan and Elaine Roulidis from the soured investment also led to a civil lawsuit in Virginia. Hogan sued Roulidis for $351 million, claiming that she defamed him and hurt his business. She countersued for $350,000, saying he defrauded her. The suit is pending.

A former Crow tribal official and convicted felon, Hogan has a long history of promoting energy development on the reservation. He was convicted in a tribal corruption scandal in the 1990s, when he was director of the Crow Housing Authority, and served time in federal prison.

In recent years, he has been promoting energy development through his company, and at one time he was designated by the Crow Tribe as its exclusive agent for securing funding. The tribe terminated its agreement with Hogan a few years ago after his solicitations for investments prompted complaints to federal officials.