Oct 8
2019

Investor Alert: Private Oil and Gas Offerings

Oil and gas investments are highly speculative, complex in their financial structure, and full of jargon that’s nearly impossible for a layperson to understand. For investors whose primary goal is saving for retirement, oil and gas offerings can carry significant risks. In the past four months, the...
Oct 4
2019

Charles McAllister: Convicted

A jury in U.S. District Court in Austin on Oct. 4 convicted Charles McAllister, the former CEO and owner of the Austin-based precious metals firm Bullion Direct Inc., of two counts of wire fraud and one count of engaging in a monetary transaction with criminally derived property. McAllister faces up...
Sep 30
2019

Administrative Action Report July-Sept 2019

The following are summaries of administrative actions the Texas State Securities Board took from July 1 through Sept. 30, 2019: TMTE Inc. AKA Metals.com AKA Chase Metals LLC: Rescission Offer Metals.com, a firm accused of convincing older Texans to liquidate securities held with registered...
Sep 25
2019

Texas Order: Oil and Gas Promoter Offers Repayment to Investors

Jason A. Gilbert, the CEO of a New York-based energy company who last year was ordered to stop an offering of unregistered investments in a multi-million-dollar oil and gas project, has made a full rescission offer to investors. Texas Securities Commissioner Travis J. Iles last week entered an...
Sep 20
2019

Order No. ENF-20-CDO-1789

In the Matter of Sourcerock Energy Phoenix Prospect LP; Sourcerock Energy GP LLC; Sourcerock Energy Partners LP; and J.A. Gilbert AKA Jason A. Gilbert: Agreed Cease and Desist Order; Rescission Offer

Sep 16
2019

Order No. ENF-CDO-20-1799

In the Matter of Kelcas Corp., Kelcas Ohio River Oil LLC, and Wilhem B. Lilliehook: Order

Sep 16
2019

Order No. ENF-20-CDO-1787

In the Matter of Kelcas Corp.; Kelcas Ohio River Oil LLC; HOK Global Consulting PTE Ltd. AKA HOK Global Consulting PTD Ltd.; Wilhelm B. Lilliehook; and Hok-Lam Chan AKA Hok Lam Chan: Emergency Cease and Desist Order

Sep 16
2019

Texas, Kentucky Enter Orders to Stop Unregistered Oil and Gas Offerings

Texas and Kentucky securities regulators entered emergency orders on Sept. 16 to stop the offering of unregistered investments in an oil-drilling program in Southern Illinois that promises to produce oil wells with a minimum return of 100% within two years and monthly income for 20 years. According...
Sep 13
2019

Order No. ENF-CDO-20-1788

In the Matter of Brett Kroh: Fine, Agreement to Cooperate

Sep 10
2019

State Securities Regulators Release Annual Enforcement Report

The North American Securities Administrators Association (NASAA) on Sept. 10 released its annual enforcement report, which shows state securities regulators were responsible for more than $1 billion in monetary relief ordered as a result of state enforcement actions in 2018. In its 2019 Enforcement...
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