Friday, August 8, 2014

SEC Announces Oil-and-Gas Fraud Charges Against Houston-Based Company and CEO

The SEC is charging a Houston-based oil-and-gas exploration and production company and its CEO with making fraudulent claims about the company’s oil reserves.

An SEC enforcement investigation found that Houston American Energy Corp. fraudulently claimed that a Colombian exploration concession in which Houston American only owned a fractional interest held between 1 billion and 4 billion barrels of oil reserves, and that the reserves were worth more than $100 per share to Houston American’s investors.  The estimates lacked any reasonable basis and were falsely attributed to the concession’s operator, whose actual estimates were much lower. 
Post a Comment