Articles Posted in Oil and Gas Fraud

Florida Oil and Gas Private Placement Fraud and Misrepresentation Attorney, Russell L. Forkey, Esq.

Securities and Exchange Commission v. Bret Boteler, Civil Action No. 4:13-cv-00527-Y (N.D.TX., filed June 28, 2013)

SEC Charges Oil and Gas Promoter with Securities Fraud

Securities and Exchange Commission v. Glenn Hoppes, United States Energy Corp., TN-KY Development Fund LP, TN-KY Development Fund II LP and TN-KY Development Fund III LP, Civil Action No. 13-CV-00868-SDM-AEP

The Securities and Exchange Commission recently announced it has filed a civil injunctive action against Glenn Hoppes, of Clearwater, Florida, and four companies he controls, United States Energy Corp., TN-KY Development Fund LP, TN-KY Development Fund II LP and TN-KY Development Fund III LP, for fraudulently offering unregistered investments in oil drilling projects.

The SEC’s complaint alleges Hoppes hired Joseph Hilton to sell limited partnership units in three oil drilling projects in 2011 and 2012 and financially supported Hilton’s boiler room despite knowing Hilton was barred from acting as a broker by a 2008 SEC Enforcement Action and was using an alias to avoid association with the prior SEC action.  Through Hilton’s efforts, US Energy raised approximately $2.5 million from approximately 100 investors. The US Energy securities offerings were not registered with the SEC as required under the federal securities laws.

Securities and Exchange Commission v. Premco Western, Inc., et al., Civil Action No. 2:12-cv-01120-BSJ (USDC Utah, Filed December 10, 2012)

SEC CHARGES OIL AND GAS COMPANY AND PRINCIPAL WITH OFFERING FRAUD

Recently, the Securities and Exchange Commission filed a settled civil injunctive action against Premco Western, Inc. (Premco), and its principal, Rodney Ratheal (Ratheal). Premco is an oil and gas company incorporated in Texas that operates by drilling land leased from the Bureau of Land Management (BLM). Premco has been solely owned and operated by Ratheal since he acquired it in June 2001.

SEC v. BP p.l.c., Case No. 2:12-cv-02774 (E.D. La. Nov. 15, 2012).

BP TO PAY $525 MILLION PENALTY TO SETTLE SEC CHARGES OF SECURITIES FRAUD DURING DEEPWATER HORIZON OIL SPILL

The Securities and Exchange Commission recently charged BP p.l.c. with misleading investors while its Deepwater Horizon oil rig was gushing into the Gulf of Mexico by significantly understating the flow rate in multiple reports filed with the SEC.

SEC Charges Repeat Violator in South Florida With Fraudulently Offering Investments Tied to Oil Drilling Projects

October, 2012:

The Securities and Exchange Commission recently announced that it has obtained an emergency court order to freeze the assets of a South Florida man who has been charged with fraudulently offering investments in oil drilling projects.

Oil and Gas Fraud – Targeting Foregin Investors:

In our continuing effort to keep foreign investors appraised on investment frauds directed toward them, we are providing you with a copy of a recent Securities and Exchange Commission litigation release concerning an investment that focused on individuals primarily located in Australia, England and Canada. We have also included with this Post a copy of the complaint filed by the SEC.

Securities and Exchange Commission v. Petroleum Unlimited, LLC, Petroleum Unlimited II, LLC, Roger A. Kimmel, Jr., Harry Nyce, Michel-Jean Geraud, Robert Rossi, Joseph Valko, and Morgan Kimmel, n/k/a Morgan Petitti, , Civil Action No. 9:11-CV-80038 (S.D. Fla., filed Jan. 12, 2011)

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