SEC Oil Fraud Case Gets Nod for Over $10 Million in Remedies

Oil and gas companies Arcturus Corp. and Aschere Energy LLC, along with founder Leon Ali Parvizian, must pay more than $10 million to remedy an allegedly fraudulent securities offering, a Texas federal judge said.

Parvizian and his companies were involved in unregistered securities offerings that raised nearly $22 million from at least 339 investors by touting “joint ventures” involving exploration and drilling, the agency said in its successful bid to recover the remedies.

The SEC’s 2013 enforcement action against Parvizian, two other individuals, and two additional energy companies was decided in the agency’s favor in 2019, then appealed to the ...