Texas Federal Judge Orders Two Oil and Gas Companies to Pay $36.4 Million to the SEC

Posted on June 14th, 2018 at 8:57 AM
Texas Federal Judge Orders Two Oil and Gas Companies to Pay $36.4 Million to the SEC

From the Desk of Jim Eccleston at Eccleston Law LLC:

A Texas federal judge has entered an award totaling $36.4 million against two California oil and gas companies, their owner, and two of his sales associates relating to an SEC lawsuit filed in 2015.

According to the SEC, Team Resources, Fossil Energy, their owner Kevin A. Boyles and his alleged sales associates, John Olivia and Michael Eppy, deceived investors into buying interests in their oil and gas limited partnerships when they knew the subject fields had been depleted by other oil companies and few commercially recoverable hydrocarbons remained. Mr. Boyles used his sales associates to solicit investors by touting fantastic production projects, which turned out to be false.

Moreover, the defendants took in more than $33 million in investments from roughly 475 investors by fraudulently marketing their partnership interests.

Eccleston Law is investigating the fraudulent activities of Team Resources Inc., Fossil Energy Corp., their owner Kevin A. Boyles, and his sales associates John Olivia and Michael Eppy.  Those with information should contact our law firm.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, SEC, Fossil Energy

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