{"id":3839,"date":"2016-10-04T19:22:00","date_gmt":"2016-10-05T00:22:00","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/?p=3839"},"modified":"2016-10-04T19:22:00","modified_gmt":"2016-10-05T00:22:00","slug":"oil-company-wants-sec-texas-fraud-case-go-trial","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/oil-company-wants-sec-texas-fraud-case-go-trial\/","title":{"rendered":"Oil Company Wants SEC’s Texas Fraud Case to Go to Trial\u00a0"},"content":{"rendered":"

\t\t\t\tSethi Petroleum Inc. and its founder Sameer P. Sethi are asking a federal judge to send the U.S. Securities and Exchange Commission\u2019s fraud case against it to trial. Sethi Petroleum is based in Dallas, Texas.\u00a0 The regulator had sought summary judgment in the Texas lawsuit<\/a>, which accuses Sethi Petroleum and Sethi of fraudulently selling securities to investors for a drilling project in Montana and the Dakotas.\u00a0 However, the two of them claim that a jury needs to decide whether the interests that investors are holding are even securities.<\/p>\n

The Commission claims that Sethi raised over $4M in a little over a year for the oil venture with the promise of 20 gas and oil wells. 90 investors in nearly 30 states were promised 62.5% net working interest on these wells. They were purportedly told that wells were already making 1 million barrels\/month, when Sethi Petroleum actually only held interests in just eight wells\u2014and not all of them were being drilled\u2014in which investors held only .15 to 2.5% interest. These wells produced far less than the 1 million barrels\/month touted, claims the regulator. The actual figure was closer to 9,000 to almost 14,000 barrels\/month.<\/p>\n

The SEC claims that Sethi invested just $950K of investor funds in the wells, while he used $577K to pay himself and his dad. $1.1M of investor funds purportedly went to employees at Sethi Financial Group, with sales employees getting $1.04M.\u00a0Seth\u00a0 is accused of lying about his own record of regulatory and criminal violations and his company is accused of lying when it claimed that it was working with Hess Corp. and Mobil Corp.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Sethi Petroleum Inc. and its founder Sameer P. Sethi are asking a federal judge to send the U.S. Securities and Exchange Commission\u2019s fraud case against it to trial. Sethi Petroleum is based in Dallas, Texas.\u00a0 The regulator had sought summary judgment in the Texas lawsuit, which accuses Sethi Petroleum and Sethi of fraudulently selling securities […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[4047,3760,3741,3750],"tags":[],"class_list":["post-3839","post","type-post","status-publish","format-standard","hentry","category-oil-and-gas-claims","category-sec-enforcement","category-securities-fraud","category-texas-securities-fraud"],"yoast_head":"\nOil Company Wants SEC's Texas Fraud Case to Go to Trial\u00a0 — Investor Lawyers Blog — October 4, 2016<\/title>\n<meta name=\"description\" content=\"Sethi Petroleum Inc. and its founder Sameer P. Sethi are asking a federal judge to send the U.S. Securities and Exchange Commission\u2019s fraud case against — October 4, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/oil-company-wants-sec-texas-fraud-case-go-trial\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Oil Company Wants SEC's Texas Fraud Case to Go to Trial\u00a0 — Investor Lawyers Blog — October 4, 2016\" \/>\n<meta name=\"twitter:description\" content=\"Sethi Petroleum Inc. and its founder Sameer P. 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