Dallas Promoters Ordered to Stop $4.4 Million Oil and Gas Offering
Austin
   
 
More Today's News:
ߦ   Town Hall Meeting - May 22 - Underage Drinking
ߦ   Windcrest police arrest man accused of killing woman at San Antonio school parking lot
ߦ   Retired Houston Police Officer Wounded In Santa Fe School Shooting
ߦ   Teen shooter ID'd in deadly Santa Fe school shooting
ߦ   A suspected sovereign citizen ended up as the target of a fur missile.
ߦ   A Week Dedicated To Honor Law Enforcement
ߦ   Former Galveston Deputy Sentenced To Prison
ߦ   ‘Killed Them All, of Course’ - Robert Durst
ߦ   7 taken to hospital after Houston police chase ends in crash
ߦ   Autopsies: Ohio officers killed by shots to head, torso
ߦ   BODYCAM: Mayor’s Son Abuses Cop
ߦ   Burnet County Sheriff's Office - Inmate/Arrests Summary
ߦ   Calif. justice reforms questioned after officer's slaying
ߦ   Dogwood Trail Shooting
ߦ   Fundraiser For Deputy Christopher Gaines May 16
ߦ   Houston cop killer Anthony Haynes loses federal appeal over bad lawyering claims
ߦ   Immigration crackdown shifts to employers as audits surge
ߦ   IN MEMORIAM - Arthur Loukas, Houston Police Officer (Ret)
ߦ   Investigation into Fatal Crash at 13500 Hooper Road
ߦ   Investigation into Fatal Crash at 1400 Congress
ߦ   Investigation into Fatal Crash at 2400 Berry Road
ߦ   Investigation into Fatal Crash at 4300 West Airport Boulevard
ߦ   Investigation into Fatal Crash at 8800 Southwest Freeway
ߦ   Man accused of killing estranged wife found alive with gunshot wound to head after Katy standoff
ߦ   Man gets extended sentence for ambush shooting of officer
ߦ   Man told to remove makeup to gain entry to Corpus Christi nightclub
ߦ   Mayor Candidate Wants To Remove Requirement That Police Complaints Be Truthful
ߦ   Paris Police Dept - Daily Activity/Arrests Summary
ߦ   Pearland Police Offense Bulletin
ߦ   Sports betting a possibility nationwide after Supreme Court ruling
ߦ   Trial starting for accused killer of Border Patrol agent
ߦ   Troops Called to Duty Protected by Military Deployment Discrimination Law
ߦ   VIDEO: Cops Destroy Would-Be Cop Killer Attempting Ambush Behind Tinted Glass
ߦ   VIDEO: Off-Duty Female Officer Smokes Robber In Front Of School - What We Know
ߦ   VIDEO: Three Angles from a Deadly OIS

 
Search Archives:
<B>Galveston County</b>
Galveston County

Texas Securities Commissioner Travis J. Iles on Feb. 9 entered an Emergency Cease and Desist Order against two Dallas men who are soliciting $4.4 million for an oil and gas project without disclosing their history of unpaid tax liens and allegations of fraud.

The order names Jason A. Gilbert and Parker R. Hallam, who are doing business through SourceRock Energy Phoenix Prospect LP and two affiliated companies. The companies are based in Dallas.

According to the order, Gilbert and Hallam are offering for sale interests in a single well project in Sumner County, Kansas. Of the $4.4 million the pair say they plan to raise, $1 million is supposed to be paid to one of their companies, SourceRock Energy Partners LP, as a management fee.

Gilbert and Hallam are telling investors that the remaining $3.4 million will be spent to lease the land in Kansas and develop the well field. They are not, however, disclosing that the estimated drilling costs are far lower – $750,000.

Hallam is also not disclosing that the Securities and Exchange Commission in 2016 named him as one of a dozen defendants in a lawsuit alleging oil and gas fraud of $80 million.

Hallam consented to an SEC judgment in the case in the U.S. District Court for the Northern District of Texas on April 18, 2017. Hallam agreed to pay disgorgement of gains and a civil penalty to be determined by the SEC.

Gilbert is not disclosing $548,041 in tax liens the IRS filed against him from 2009 to 2017. The IRS filed liens against Hallam in 2016 and 2017, which have an unpaid balance of $142,672.

As of Jan. 10, the liens had not been released.

Intentionally failing to disclose material information about an investment or persons offering the investment violates the anti-fraud provisions of the Texas Securities Act.

Gilbert and Hallam are not registered to sell securities. Neither are the SourceRock energy companies.
Post a comment
Name/Nickname:
(required)
Email Address: (must be a valid address)
(will not be published or shared)
Comments: (plain text only)
Printer Friendly Format  Printer Friendly Format    Send to a Friend  Send to a Friend    RSS Feed  RSS Feed
  Facebook   Share link on Twitter Tweet  
© 1999-2018 The Police News. All rights reserved.