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Texas Residents Charged By SEC For Sale Of Fraudulent Oil & Gas Working Interests

On March 28, 2014, The Securities & Exchange Commission (SEC) charged Jason A. Halek of Southlake, TX, andPatrick J. Booths of Forth Worth with securities fraud in a case filed in U.S. District Court in Dallas, Texas. SEC v Jason A. Halek, Joshua D. Spivey, Patrick J. Booths and Steven J. Little, Civil Action No. 3:14-cv-01106-D (NDTX).

In the complaint the SEC alleges that from September 2009 to June 2010, Halek and Booths fraudulently conducted unregistered securities offerings of working interests in oil and gas projects owned and operated by Halek Energy, LLC.

The projects were offered to investors by Joshua Spivey of Morristown, Tennessee and Steven Little of Southlake, TX.

The complaint alleges that Halek conceived a straw man scheme to avoid the scrutiny of the SEC which was already investigating a prior scheme. See this for the SEC press release.

In August 2013, the Dallas Observer reported that Halek had lost an appeal on the earlier SEC case and was found liable for $26 million.

If you lost money as a result of investing in any of these projects and if you made your investment with the assistance of a registered broker or brokerage firm you may be able to recover losses through FINRA arbitration. Contact us to discuss your legal rights.

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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.