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4:15-cv-00338
Texas Eastern
Securities/Commodities
Amos L Mazzant
A Texas federal judge ruled Monday that the head of Sethi Petroleum LLC will have to cough up as much as $4 million in money he raised through fraudulent sales pitches to investors for a drilling project in the Dakotas and Montana.
The head of Sethi Petroleum LLC fraudulently sold securities to investors for a drilling project in the Dakotas and Montana in violation of federal law, a Texas federal court ruled Friday, concluding that the executive lied to investors about the company's relationship with major oil producers.
The U.S. Securities and Exchange Commission on Friday blasted a Sethi Petroleum LLC executive's bid to dump a Texas federal court's contempt order for selling securities while under a preliminary injunction for allegedly selling fraudulent securities for a drilling project in the Dakotas and Montana.
A Dallas-based petroleum investment company and its founder accused of fraudulently selling securities to investors for a drilling project in the Dakotas and Montana asked a Texas federal judge Saturday to send the case to trial, saying a jury should decide whether the interests held by investors are securities.
The U.S. Securities and Exchange Commission on Wednesday told a Texas federal judge that it deserved an early win in the lawsuit it brought against Sameer P. Sethi, the head of Sethi Petroleum LLC who they claim fraudulently sold securities to investors for a drilling project in the Dakotas and Montana, because the evidence merits it.
A Texas federal judge approved a mutually agreed upon request for a preliminary injunction Tuesday against a petroleum company and its owner, who the Securities and Exchange Commission claims fraudulently sold securities to investors for a drilling project in the Dakotas and Montana.