ALFRED – A judge has approved an agreement for Nicholas Curro and his three oil companies to pay $394,000 in restitution to more than 300 customers.
Curro was charged with selling pre-paid heating oil plans in 2007, then failing to deliver all of the oil that customers had paid for or refunding their money.
Lawyers for Curro and the state Attorney General’s Office agreed previously that 313 customers had legitimate claims in the case.
The agreement approved by York County Superior Court Justice G. Arthur Brennan this week calls for Curro and his oil companies — Price-Rite Oil, Veilleux Oil & Service and Perron Oil — to pay restitution.
Curro and the companies were also fined $250,000, which will be reduced to $25,000 if restitution is made within five years.
The agreement also limits Curro’s business activities, such as a ban on his entering into any pre-paid oil deals for next five years.
Curro was found guilty last year of violating the state’s Unfair Trade Practices law. The two sides have been negotiating since then over the financial settlement.
State law requires that oil dealers who sell pre-paid plans have supply contracts for some of the oil or post letters of credit or bonds to provide refunds if the oil isn’t delivered.
Dave Johnson, Curro’s attorney, said in late May that his client may not “have the financial wherewithal to do anything” to reimburse customers.
The assets of Curro’s companies in York County were sold last year to repay secured creditors.
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