Texas 'Boiler Room' Oil Outfit Settles With SEC

Law360, New York (August 25, 2009, 1:51 PM EDT) -- Securities regulators have asked a federal judge to approve a settlement with a Texas oil exploration company accused of running a “boiler room operation” that hid the fraudulent misuse of nearly $14 million raised from over 300 investors.

The motion, filed Monday by the U.S. Securities and Exchange Commission in the U.S. District Court for the Northern District of Texas, seeks a permanent injunction, to which defendant T-Bar Resources LLC has agreed, that blocks the company from future violations of securities laws.

According to the motion,...
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