Texas Coastal Energy LLC, a Dallas-based oil and gas company, and the company’s chief executive officer June 19 agreed to settle Securities and Exchange Commission claims that they deceived over 80 investors of $8 million dollars in a connection with a fraudulent drilling project in Kansas and Texas.
From 2013 to 2014, the CEO, Jefferey Gordon, and TCEC sales representatives cold-called investors and used high-pressure, deceptive sales tactics to pitch unregistered securities that falsely guaranteed investors a stake in future TCEC oil and gas production revenue, according to the SEC complaint.
Neither Texas Coastal Energy nor Gordon admitted or ...
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