Investors Duped Of Millions In Texas Gas Venture, SEC Says

Law360, New York (November 1, 2013, 5:01 PM EDT) -- The U.S. Securities and Exchange Commission on Friday sued three Texas men who allegedly raised $12.7 million from investors to purchase oil and gas drilling equipment and lease it to various companies, but used most of the funds on unrelated expenses such as trips to the Masters golf tournament.

The complaint in Texas federal court alleged the defendants — Scott Ashton Riggs, Darrell Parlee and Steven J. Manderfeld — solicited the funds from more than 300 investors between December 2007 and May 2011. The defendants raised...
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