Tr?id=566623520170033&ev=PageView&noscript=1

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
Quotes Bigger

The work that you and your team have performed on my behalf is exemplary.

JT

LATEST NEWS AND ARTICLES

1776182162 Law
April 14, 2026
FINRA Seeks Public Comment on Potential Overhaul of Arbitration Rules

The Financial Industry Regulatory Authority (FINRA) has issued Regulatory Notice 26-06, requesting public comments on proposed changes to its arbitration framework.

1776094855 Law
April 13, 2026
SEC Issues Long-Awaited Guidance on Digital Assets

The U.S.

1775837448 Law
April 10, 2026
FINRA Charges Former Pruco Securities Broker With Forging Annuity Applications to Generate Commissions

The Financial Industry Regulatory Authority (FINRA) has filed a complaint against former Pruco Securities broker Avinesh Shankar, accusing him of forging customer signatures on dozens of annuity applications in order to collect advance commissions.