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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 ...

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