Orders Target Company Offering 'Bulletproof' Guarantee for Oil and Gas Investments

Nov 25

Texas Securities Commissioner Travis J. Iles entered three emergency orders on Nov. 22 against Timeless Protect LLC, a company that claims it is erasing the risk in oil and gas offerings being marketed to investors in Texas.

Timeless Protect, with offices in Florida and Ontario, Canada, is enrolling oil and gas investors into its Cash Back Program. The company claims it is an “absolute guarantee” that investors will not lose their principal investments even if wells do not produce any oil or natural gas.

The emergency actions accuse Timeless Protect of fraudulently offering investments in oil and gas programs that are purportedly guaranteed by its Cash Back Program.  North Texas-based oil and natural gas companies also named in the order include Rare Earth Exploration and Helium Hunters of Garland,  U.S. Energy Assets LLC in Cedar Hill, and Travco Oil and Gas LLC in Little Elm.

The Enforcement Division is requesting information from anyone who invested with an oil and gas company and enrolled in the Cash Back program on or after Sept. 1, 2019. Here is the contact information.

One of the investment promoters is Bradley Sherman Haycraft of Garland. His criminal record includes pleading guilty in Collin County in 2018 to possession of methamphetamine, state jail felony, and pleading guilty in Rockwall County in 2008 to robbery, a second-degree felony.

Haycraft is the president of Rare Earth Exploration and is involved in the business of Helium Hunters. Both companies are based in Garland and offer investments in oil, natural gas, and helium. Haycraft promotes the investments on a radio show on KLRD-AM 1080 in Dallas.

Haycraft isn’t the only promoter who isn’t disclosing past misdeeds to potential investors.

Raymond Leslie Boykin is a former broker who was suspended by the Financial Industry Regulatory Authority in 2015 for misappropriating confidential information from an employer to solicit investments in oil and gas drilling projects.

According to the order, Boykin is promoting Timeless Protect-backed oil and gas investments offered by U.S. Energy Assets LLC in Cedar Hill, near Dallas.

Another U.S. Energy Assets promoter was Robert J. Mangiafico Jr. He is currently on parole from a 40-year state prison sentence for stealing $655,000 from elderly widows in the Dallas area.

The State Securities Board and local law enforcement last raided the office of Premier Resources LLC, a Carrollton company Mangiafico incorporated after being paroled in 2017.

The orders entered against Timeless Protect and associated companies are:

Order No. ENF-CDO-20-1792, U.S. Energy Assets LLC; Texas Victory Joint Venture; Timeless Protect LLC; Raymond Leslie Boykin; Mark Taylor; Duane Lee; Sunil Joseph AKA Joseph Sunil; and Paul James

Order No. ENF-CDO-20-1794, Rare Earth Exploration LLC; Helium Hunters; Bradley Sherman Haycraft; Timothy P. Taylor; Bill Webber; Timeless Protect LLC; Duane Lee; Sunil Joseph AKA Joseph Sunil; and Paul James

Order No. ENF-CDO-20-1795, Travco Oil and Gas LLC; Travis Jordan; Tom Darcy; Timeless Protect LLC; Duane Lee; Sunil Joseph AKA Joseph Sunil; and Paul James

As described in the emergency actions, the company is allegedly enrolling investors in the Cash Back Program, depositing their funds in a trust account, commingling those funds with money obtained from other sources and concealing material information regarding its management and use of principal.

Timeless Protect allegedly claims funds will be available to pay returns to investors regardless of the profitability of the oil and gas investments or the solvency of the companies. According to the order against Haycraft and Rare Earth Exploration, Timeless Protect claims its "bulletproof"structure is fueling its growth into different industries.

According to the orders, Timeless Protect says its financial program is involved in dozens of different industries in 30 countries. The company claims it deals with 13 companies involved in oil and gas drilling exploration.