It seems every week, if not more, we see the same headlines. Jury indicts businessman. Couple arrested over scheme. Local company settles fraud charges. There is no end to the ways some people will scam and scheme to take your hard-earned money.
Southlake Resources Group agreed to pay more than $5.4 million to settle SEC allegations that it defrauded more than 70 investors. The SEC complaint alleges that the Fort Worth-based oil and gas company defrauded investors by selling stakes in 12 oil-and-gas ventures from 2010 to 2014.
The SEC alleged that the offerings “were false and misleading and included exaggerated projections of future earnings and expected costs.” (Source: Star-Telegram) Importantly, none of the salespeople were registered with the SEC, and neither were the offerings.
According to the settlement, the company is required to pay back more than $5.2 million it received from investors, and another $285,000 in interest. Mr. Cody Winters, president of the company, and Nicholas Hamilton, vice president, agreed to pay $160,000 and $50,000, respectively, in civil damages. Neither admitted or denied the allegations.
The company is still in business, and still offering investment opportunities.
Have you been the victim of investment fraud? Do you think you were given misleading information in order to gain your investment? The Harris Firm has handled a number of cases involving investment fraud, and we’d be happy to take a look at your case.
