Texas Men Ran $17 Million Oil and Gas Investment Fraud, SEC Says

March 12, 2021, 4:46 PM

Two men used their company to run a fraudulent oil and gas investment scheme that raised more than $17.4 million from investors who were falsely promised returns without risk, the SEC told a federal judge in Texas.

Paul W. Haarman and Patrick E. Duke used APEG Energy GP LLC to convince 115 investors to purchase limited partnership securities and pocketed nearly $2.7 million for themselves, the Securities and Exchange Commission says in a complaint filed in the U.S. District Court for the Western District of Texas.

“Haarman promised investors in writing and during phone calls guaranteed returns with no risk ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.