Dallas Promoters Ordered to Stop $4.4 Million Oil and Gas Offering
Austin
   
 
More Today's News:
ߦ   CITATION BY PUBLICATION - DIVORCE W/CHILD(REN)
ߦ   MEMORIAM - Sheriff Joe Max Taylor
ߦ   27 Indicted in Multi-State ATM Robbery Conspiracy
ߦ   28 of Texas’ Most Wanted Fugitives Captured in 2018
ߦ   Coast Guard, good Samaritan rescue mariner 230 miles offshore Galveston
ߦ   Constable Swears In Six New Deputies
ߦ   Dark Web Trafficker Convicted of Drug Importation Conspiracy
ߦ   Former Constable Lt. Stole from Harvey Victims and Taxpayers
ߦ   Former U.S. Counterintelligence Agent Charged With Espionage on Behalf of Iran; Four Iranians Charged With a Cyber Campaign Targeting Her Former Colleagues
ߦ   Houston federal judge bars female prosecutor from trial, sparking standoff with U.S. attorney’s office
ߦ   Houston man accused of repeatedly throwing dog against wall and killing it
ߦ   Pearland police find three bodies in home after report of shooting
ߦ   Police News Links
ߦ   Teacher Jailed For Providing Alcohol To Students
ߦ   Two Die, Child Dies In House Fire
ߦ   Undocumented Alien Sent to Prison for Illegally Entering the United States
ߦ   Bank Teller Sentenced for Bank Fraud, Theft
ߦ   Constable Deputies Jail Serial Thief in Atascocita
ߦ   Friends of Child Advocates of Fort Bend to Host Mission and Martini Night
ߦ   Galveston College News: Surgical Technology program receives CAAHEP accreditation
ߦ   Governor Abbott Sets Date For Special Runoff Election In Harris County
ߦ   Inmate Dies at Travis County Correctional Complex
ߦ   Joaquin “El Chapo’ Guzman, Sinaloa Cartel Leader, Convicted of Running a Continuing Criminal Enterprise and Other Drug-Related Charges
ߦ   Jury Convicts Round Roick Man For Kidnapping Two Sisters
ߦ   Kentucky sheriff suspends law enforcement due to lack of funding
ߦ   League City man dies in Caribbean automobile accident
ߦ   Multiple White Supremacist Gang Members among 54 Defendants Charged in RICO Indictment

   Next >>
 
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
© 1999-2019 The Police News. All rights reserved.