SEC Charges Texas Entities Over Oil and Gas Fraud

Posted on January 19th, 2022 at 12:50 PM
SEC Charges Texas Entities Over Oil and Gas Fraud

From the Desk of Jim Eccleston at Eccleston Law:

The Securities and Exchange Commission (SEC) has charged The Heartland Group Ventures, Heartland Production and Recovery, six other Heartland-affiliated entities, four Heartland-affiliated individuals as well as several oil and gas operators. 

The SEC’s charges pertain to five fraudulent and unregistered oil and gas offerings. According to the complaint, the Heartland-affiliated entities fraudulently generated at least $122 million since October 2019 from nearly 700 investors through the five unregistered securities. The funds purportedly were raised to drill new oil wells in Texas. However, the Heartland-affiliates spent only around half of the investor funds on the oil and gas projects, which raised less than $500,000 in revenue, according to the SEC. 

By late 2019, the Heartland-affiliates utilized $26 million of investor funds to make Ponzi-style payments to earlier investors while the affiliates regularly misrepresented the status of the oil and gas projects. The U.S. District Court for the Northern District of Texas has already issued a temporary restraining order (TRO) and asset freeze against the defendants and their entities. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, oil fraud, gas fraud, fraud

Return to Archive

TESTIMONIALS

Previous
Next

Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

January 5, 2026
FINRA Suspends Former UBS Broker Over Personal Credit Card Transfers

The Financial Industry Regulatory Authority (FINRA) has sanctioned a former UBS Wealth Management USA broker, Timothy R. Jones.

December 22, 2025
FINRA Overhauls Arbitration Rules to Rebalance Arbitrator Selection and Codify Forum Practices

The Financial Industry Regulatory Authority (FINRA) has approved significant amendments to its Codes of Arbitration Procedure designed to rebalance public arbitrator selection, increase transparency, and formalize several long-standing practices in the arbitration forum.

December 19, 2025
Industry Groups Press Senate at Advance Financial Exploitation Prevention Act

Several industry associations are urging the U.S. Senate to pass the Financial Exploitation Prevention Act, legislation that would allow mutual fund companies and their transfer agents to delay redemptions when they reasonably suspect elder financial abuse.