Ex-Texas Pol Charged With Fraud Over Frack Sand Scheme

By Michael Phillis (September 28, 2018, 10:04 PM EDT) -- The U.S. Securities and Exchange Commission on Friday announced it has charged a former Texas state senator and another man over a scheme that raised millions from investors for a hydraulic fracking-related company based on misrepresentations. 

The SEC said it charged former Democratic state Sen. Carlos I. Uresti and Stanley P. Bates with securities fraud in connection with their work at Fourwinds Logistics Laredo. The SEC charged the pair with violating the anti-fraud provisions of the Securities Act of 1933 and other rules. The allegations pertain to activity in 2014 and 2015 at the company Bates controlled and where Uresti was...

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