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

I learned two important things working with Eccleston Law. First, I made a friend and ally with Jim and Steph for life. Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. Jim was referred to me by a most trusted source. I've never had to hire an attorney for anything. Now, I know the value of hiring an important partner. Meticulous, thorough and detailed in preparation is the best way to describe Jim. Brilliant too, I might add. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. One of the best life decisions I've ever made.

Howard S.

LATEST NEWS AND ARTICLES

1785858278 Law
August 4, 2026
SEC Fines Former LPL Broker $125,000 for Undisclosed Conflicts in Private Securities Offerings

The Securities and Exchange Commission (SEC) has censured a former LPL Financial broker and imposed a $125,000 civil penalty after finding that he failed to disclose conflicts of interest related to private real estate securities offerings that generated nearly $1.5 million in compensation, as reported by AdvisorHub.

1785772777 Law
August 3, 2026
FINRA Launches Review of High-Risk Structured Notes Sales and Supervision

The Financial Industry Regulatory Authority (FINRA) has launched a regulatory sweep examining the sale of high-risk structured products, with particular attention on non-principal protected "worst-of" structured notes, according to AdvisorHub.

1785531573 Law
July 31, 2026
Former Alabama Financial Advisor Barred After Selling His Practice

The U.S.