{"id":4760,"date":"2017-07-26T19:12:01","date_gmt":"2017-07-27T00:12:01","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4477"},"modified":"2017-07-26T19:12:01","modified_gmt":"2017-07-27T00:12:01","slug":"texas-company-settles-sec-charges-alleging-oil-gas-company-fraud","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/texas-company-settles-sec-charges-alleging-oil-gas-company-fraud\/","title":{"rendered":"Texas Company Settles SEC Charges Alleging Oil and Gas Offering Fraud"},"content":{"rendered":"

\t\t\t\tIn the U.S. District Court for the Western District of Texas, Petroforce Energy LLC and its founder William Veasey have consented to pay almost $300K to resolve charges brought by the Securities and Exchange Commission in an oil-and-gas offering fraud<\/a>. The Austin-based company and Veasy raised close to $3.9M from about 80 investors in four allegedly fraudulent offerings. Some investors backed more than one offer.<\/p>\n

According to the regulator\u2019s complaint, Veasey and Petroforce gave materials to investors that included misleading and false statements regarding the investments. These inaccurate statements allegedly misrepresented certain operational issues that impacted an earlier offering, overstated the wells\u2019 profitability, and understated certain expenses. Other key information, including tax benefits involving the offerings, were also allegedly misrepresented.<\/p>\n

The SEC Commission is accusing two Petroforce sales agents of acting as unregistered brokers in the oil and gas offering fraud. Javier Avarado and Ivan Turrentine, along with Veasey, offered and sold limited partnership and joint venture interests to investors in Petroforce securities. All of them made money from the sales.<\/p>\n

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

In the U.S. District Court for the Western District of Texas, Petroforce Energy LLC and its founder William Veasey have consented to pay almost $300K to resolve charges brought by the Securities and Exchange Commission in an oil-and-gas offering fraud. The Austin-based company and Veasy raised close to $3.9M from about 80 investors in four […]<\/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":[4047,3750],"tags":[],"class_list":["post-4760","post","type-post","status-publish","format-standard","hentry","category-oil-and-gas-claims","category-texas-securities-fraud"],"yoast_head":"\nTexas Company Settles SEC Charges Alleging Oil and Gas Offering Fraud — Investor Lawyers Blog — July 26, 2017<\/title>\n<meta name=\"description\" content=\"Petroforce Energy LLC and its founder have consented to pay almost $300K to resolve SEC charges in an oil-and-gas offering fraud.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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