Two auctioneers were slapped with fines after a state investigation concluded multiple violations at Cyr Auction Co. in Gray.

The Bureau of Professional and Financial regulation fined James Cyr $30,000 and his associate, Thomas Madsen of Windham, $37,700 for various alleged offenses including operating without a contract, improper advertising and failing to remit money in a timely fashion, according to a release from the bureau. Additionally, Madsen's auctioneer license was revoked; Cyr's license was revoked in December 2008.

At a recent hearing, Madsen said he loaned Cyr his auctioneer's license so the company could continue to operate, according to the release. Cyr had been sanctioned by the bureau in 2003, 2005, 2006 and 2007 before his license was revoked.