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

SEC Charges Two Texas Advisors Over $155 Million Fraudulent Oil & Gas Offering

Posted on May 12th, 2023 at 1:14 PM
SEC Charges Two Texas Advisors Over $155 Million Fraudulent Oil & Gas Offering

From the desk of Jim Eccleston at Eccleston Law 

The Securities and Exchange Commission (SEC) has charged Roy Hill and Eric Shelly along with two entities under their ownership, Clean Energy Technology Association (CETA) and Freedom Impact Consulting (FIC), for allegedly organizing a fraudulent offering that raised nearly $155 million from at least 500 investors. 

The complaint was filed in the U.S. District Court for the Western District of Texas, which subsequently issued a temporary restraining order (TRO). The SEC alleges that Hill and Shelly offered investments in funds that were sponsored by FIC. Hill and Shelly informed investors that their funds would be used to purchase carbon capture units (CCUs), which CETA purportedly built and leased to oil and gas producers, according to the SEC.

Hill and Shelly additionally informed investors that FIC and CETA would pay returns by utilizing the revenues earned from operating the CCUs. However, the SEC alleged that Hill and Shelly falsely informed investors that the CCUs were patented and that one of the world’s largest oil and gas companies was a customer. The SEC’s complaint further alleges that CETA has not received any revenues from operating the CCUs while Hill and Shelly used new investors' funds to make quarterly Ponzi-style payments to earlier investors. To conceal the fraudulent offering, Hill and Shelly regularly sent falsified financial statements to investors, according to the SEC.  

 

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

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

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

1782744905 Law
June 29, 2026
Former Arvest Wealth Representative Sanctioned by FINRA Over Improper Use of Mistaken Commission Payment

The Financial Industry Regulatory Authority (FINRA) has suspended former Arvest Wealth representative Brandon Still for 18 months and fined him $5,000 after determining that he improperly used firm funds that were mistakenly deposited into his account.

1782497406 Law
June 26, 2026
FINRA Seeks to Make Remote Inspection Program Permanent

The Financial Industry Regulatory Authority (FINRA) is seeking approval from the Securities and Exchange Commission (SEC) to make its pandemic-era remote inspections program permanent before the current pilot is scheduled to expire in June 2027, according to AdvisorHub and FINRA's summary of its recent Board of Governors meeting.

1782400213 Law
June 25, 2026
SEC Alleges Illinois Investment Adviser Misappropriated Investor Funds and Concealed Losses

According to a litigation release published on SEC.gov, the Securities and Exchange Commission (SEC) has charged John Sterling Myers and his firms, Sterling Capital, LLC and Sterling Capital Management, LLC, with orchestrating a multi-year fraud involving investor funds held in a pooled investment vehicle.