SEC Says Fla. Exec Ran $12M Oil, Gas Fraud Scheme

Law360, Miami (September 27, 2013, 3:56 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday accused the owner of two Florida companies of defrauding investors out of $12 million in bogus oil and gas offerings in which he promised returns of up to 2,270 percent.

In a complaint filed in the Southern District of Florida, the SEC said Ronald Walblay of Delray Beach, Fla., used his companies RyHolland Fielder Inc. and Energy Securities Inc. to perpetuate the fraud, in which he misrepresented to investors how much the companies had in reserve, how the...
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