Business Alliances

Hill said Millennium hadn't invested in any companies in the last two years, but prior to that had invested in an Arizona company called SpaceData, a Texas company called NATK, and a mystery company called IET. (Hill said that last one stands for "Environmental Energy Technologies, I think.")

A few hours later, SpaceData's COO stated that Millennium had done consulting work for them in 2004 and 2005, but no investments. NATK's general counsel stated that "some years ago, [Millennium] made a proposal to raise capital for NATK. No capital was ever raised. NATK has no current agreement or relationship with [Millennium]."

As for seeking finder's fees, Hill said that was a way for Millennium to recoup some of the expenses for the conference. He said his company did not have to be registered as a finder with the Texas State Securities Board.

But Board Commissioner Denise Crawford said, "In general, in order to take a commission based upon an investment, one does need to be registered in some capacity or other with this agency. Secondly, if a company is found by this agency to be a designated matching service, then they can have a venture capital conference. Otherwise, they cannot, legally." Neither Millennium nor A&M are registered matching services, she said. Furthermore, she said, for a venture capital conference, "You cannot accept a finder's fee, you can only charge a presentation fee to cover costs."

But Hill said everything was on the level. So much so that, if ever anyone who bought shares in Millennium wanted to back out, they could get a refund. (A former shareholder faxed the Press a "mutual release agreement" acknowledging that the shareholder was owed $30,000. That shareholder states the money is still owed.)

"I don't know any other investment where you can call your investment back if you're uncomfortable for any reason," Hill said. "I will lose money for myself before I lose money for any of my shareholders. And people trust me. I'm honest. I'm an Eagle Scout. That's why I'm the managing director."

Hill's online bio identifies him as a board member of the National Eagle Scouts Association.

A Boy Scouts of America spokesman said he could not find a record of Hill ever serving on the board but confirmed he is an Eagle Scout.