{"id":4764,"date":"2017-08-04T19:02:50","date_gmt":"2017-08-05T00:02:50","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4490"},"modified":"2017-08-04T19:02:50","modified_gmt":"2017-08-05T00:02:50","slug":"texas-based-oil-gas-company-ceo-accused-misappropriating-investor-funds","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/texas-based-oil-gas-company-ceo-accused-misappropriating-investor-funds\/","title":{"rendered":"Texas-Based Oil and Gas Company CEO Accused of Misappropriating Investor Funds"},"content":{"rendered":"<p>\t\t\t\tWilliam Alexander Swell and his 7S Oil &amp; Gas, which is a Texas-based oil and gas company, will pay $750K for allegedly misleading investors about commissions and administrative costs and for misappropriating a significant amount of their money. According to the US Securities and Exchange Commission, the oil and gas company and its CEO raised nearly $7M from at least 70 investors in the US via unregistered offerings in oil and gas projects. Securities were sold to investors as units in eight of these joint venture projects. All of the projects were based in Texas.<\/p>\n<p>In its complaint, the regulator accused Sewell and 7S of bringing in investors through sales agents and YouTube videos, one of which guaranteed \u201csome type of return.\u201d Meantime, offering documents in the alleged <a href=\"https:\/\/www.investorlawyers.com\/\">Texas securities fraud <\/a>purportedly stated that no more than 10% of investor funds would go toward marketing costs, commissions, and salaries, while 85% would be used on oil and gas operations.<\/p>\n<p>Instead, the SEC is claiming, sales agents received up to 35% in commissions from investor proceeds while only 57% maximum of investor money went to the wells. Sewell and 7S are accused of using over $90K of investor funds on entertainment bills, his children\u2019s school tuition, and other personal expenditures. \u201cSham \u2018royalty payments\u2019\u201d were allegedly issued to some investors to make it appear as if they were getting a return on their investments.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/texas-based-oil-gas-company-ceo-accused-misappropriating-investor-funds\/#more-4764\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>William Alexander Swell and his 7S Oil &amp; Gas, which is a Texas-based oil and gas company, will pay $750K for allegedly misleading investors about commissions and administrative costs and for misappropriating a significant amount of their money. According to the US Securities and Exchange Commission, the oil and gas company and its CEO raised [&hellip;]<\/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-4764","post","type-post","status-publish","format-standard","hentry","category-oil-and-gas-claims","category-texas-securities-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Texas-Based Oil and Gas Company CEO Accused of Misappropriating Investor Funds &#8212; Investor Lawyers Blog &#8212; August 4, 2017<\/title>\n<meta name=\"description\" content=\"According to the US SEC, 7S Oil &amp; Gas raised nearly $7M in investor funds in the US via unregistered offerings in oil and gas projects.\" \/>\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\/texas-based-oil-gas-company-ceo-accused-misappropriating-investor-funds\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Texas-Based Oil and Gas Company CEO Accused of Misappropriating Investor Funds &#8212; Investor Lawyers Blog &#8212; August 4, 2017\" \/>\n<meta name=\"twitter:description\" content=\"According to the US SEC, 7S Oil &amp; Gas raised nearly $7M in investor funds in the US via unregistered offerings in oil and gas projects.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Texas-Based Oil and Gas Company CEO Accused of Misappropriating Investor Funds &#8212; Investor Lawyers Blog &#8212; August 4, 2017","description":"According to the US SEC, 7S Oil & Gas raised nearly $7M in investor funds in the US via unregistered offerings in oil and gas projects.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/texas-based-oil-gas-company-ceo-accused-misappropriating-investor-funds\/","twitter_card":"summary_large_image","twitter_title":"Texas-Based Oil and Gas Company CEO Accused of Misappropriating Investor Funds &#8212; Investor Lawyers Blog &#8212; August 4, 2017","twitter_description":"According to the US SEC, 7S Oil & Gas raised nearly $7M in investor funds in the US via unregistered offerings in oil and gas projects.","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/texas-based-oil-gas-company-ceo-accused-misappropriating-investor-funds\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/texas-based-oil-gas-company-ceo-accused-misappropriating-investor-funds\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Texas-Based Oil and Gas Company CEO Accused of Misappropriating Investor Funds","datePublished":"2017-08-05T00:02:50+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/texas-based-oil-gas-company-ceo-accused-misappropriating-investor-funds\/"},"wordCount":352,"articleSection":["Oil and Gas Claims","Texas Securities Fraud"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/texas-based-oil-gas-company-ceo-accused-misappropriating-investor-funds\/","url":"https:\/\/www.investorlawyers.com\/blog\/texas-based-oil-gas-company-ceo-accused-misappropriating-investor-funds\/","name":"Texas-Based Oil and Gas Company CEO Accused of Misappropriating Investor Funds &#8212; 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