Oil and Gas Fraud Lawyer Blog

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For many years our law firm has represented elderly individuals from all over the United States who have invested in countless oil and gas companies. Unfortunately, these individuals came to realize their investments were based on a fraud. Our experience in oil and gas fraud litigation has exposed some of the following: Target the elderly as they are an “easy sell” Try to convince the elder person that there is no need to discuss…
“Money Doc” Sickens Retirees. When every week brings a new financial fraud discovery, a Ponzi scheme raising almost $20 million may seem like yesterday’s news. But Texas resident and radio host, William Neil “Doc” Gallagher managed to place 60 senior citizen’s retirement in substantial jeopardy. The victims of the self-proclaimed “Money Doc” ranged from 62 to 91 years of age, and trusted Gallagher with their retirement funds. Through the three different entities Gallagher used, he…
What happens over three million times a day? According to a 2018 Fortune article, the answer can be found in the Texas and New Mexico Permian Basin. Oil and Gas Production. “Oil production in the Permian soared to 3.2 million barrels per day in May. And it helped push total U.S. production above 10.2 million barrels per day in February …, according to the U.S. Energy Information Administration (EIA). In April, an average of 449…
Is everything bigger in Texas? The latest oil and gas investment scam to catch the SEC’s attention involves AmeraTex, Lewis Oil Corp. and Lewis Oil Co., along with Thomas Lewis (Kentucky), Damon Fox (Rowlett), and Brian Bull (Dallas). The case is reminiscent of an episode of the television night drama, “Dallas.” While fraud may not be bigger in Texas, it does include expenditures for adult entertainment and lavish lifestyles. Living Large on Other People’s Money.…
Brandon Davis, named one of the “Top 40 under 40” by the Denver Business Journal, recently lost an eight-year battle representing himself, Heartland Energy Development Corporation (HEDC) and others in a Denver District Court. The Colorado Securities Commissioner plans to ask the court to order Defendants to pay $65 million restitution for an oil and gas investment scam. Davis plans to appeal the injunction against HEI Resources and HEDC. The 39 page court order, including…
How many people does it take to steal $4.3 million? Allegedly, one. Justin Foust of Oklahoma faces eight counts of wire fraud, two counts of aggravated identity theft and one money laundering charge as of January 2018. While this may not be your typical oil and gas investment scam, this corporate fraud scheme was well-orchestrated from inside of a $7.8 billion-dollar oil and gas company with over 3,200 employees. Oil and Gas Accounting Fraud. Chesapeake…
Penn West Petroleum, Ltd d/b/a Obsidian Energy Ltd. recently agreed to pay $8.5 million in civil penalties in settling SEC charges.  According to an SEC Litigation Release , Penn West’s former CFO, Todd Takeyasu, and former vice president of accounting and reporting, Jeffery Curran, are still part of an SEC litigation matter regarding an oil and gas investment scam. The original complaint reads like a classic accounting fraud scheme, resulting in overstated financials by 16…
William Veasey, founder of Texas based Petroforce Energy LLC, raised nearly $4 million in four allegedly fraudulent oil and gas offerings from approximately 80 investors. The Fort Worth SEC office investigated the dealings, and now both Veasey and Petroforce have agreed to settle an oil and gas fraud case. According to the SEC’s complaint, Petroforce and Veasy provided investors with misleading and false statements regarding oil and gas investments, including paraffin issues at the drilling…
The Securities and Exchange Commission has obtained court-ordered emergency relief to halt a real-estate scam perpetrated by Christopher A. Faulkner and four others. Faulkner is also the subject of another pending SEC enforcement action alleging he orchestrated an $80 million oil and gas investment scam.  According to the complaint in that case, Faulkner disingenuously promoted himself as an oil-and-gas expert and marketed himself as the “Frack Master.” In the alleged real estate scheme case that…
Talk about greed. Recently a well-known Texas wealth manager who hosted a radio show called, “Dollars & Sense” was arrested and booked into jail on charges of more than $6,000,000.00 worth of among other charges, fraud and engaging in criminal activity. In court documents, the Texas State Securities Board allege that Bob Eugene Guess was selling investments without being a registered securities dealer. The authorities say that Mr. Guess lured retirees and others to his…