The State Securities Board and the Carrollton Police
Department on Nov. 21 raided the Carrollton-based investment business of Robert Joseph Mangiafico Jr. (right),
a career criminal currently on parole from a 40-year prison sentence for
stealing $655,000 from elderly widows in the Dallas area.
The search warrant was executed at
the office of Premier
Resources LLC, an entity Mangiafico incorporated after being
paroled from state prison in December 2017. In 2013, Mangiafico pleaded guilty in the 380th District
Court of Collin County to charges of theft and money laundering in connection
with stealing money from at least four elderly women.
convinced the widows to liquidate securities they held in legitimate brokerage
accounts and transfer the funds to him. He told them he would buy annuities
from legitimate insurance companies. Instead, Mangiafico used the victims’
money to pay his personal expenses and to continue perpetrating the fraud.
served slightly more than four years of the 40-year sentence before his release
the search warrant was executed the morning of Nov. 21, Texas Securities
Commissioner Travis J. Iles entered an Emergency Cease and Desist Order to
stop Premier Resources and Mangiafico from fraudulently offering oil and gas
to the emergency order, Mangiafico, a Carrollton resident, is the managing
member of Premier Resources, which is cold-calling Texas residents to solicit
investments in oil wells in McClain County, Okla.
Resources claims to have purchased 61 wells, including 26 producing wells in
three different wellfields in southern Oklahoma. Premier Resources and
Mangiafico are telling investors that units purchased in the project may
produce an annual return of 29% provided the benchmark price of oil is at least
$50 per barrel.
is paying sales agents based on the number of units they sell in the project,
called Oklahoma Premier Trinity.
has been managing Premier Resources since being paroled. According to the
order, Mangiafico even oversaw company operations during a recent, seven-week
stay in the Denton County jail.
was arrested in Denton County on Sept. 24 for a traffic violation and held in
jail until Nov. 20, when he was transferred to Dallas County.
before targeting the Dallas-area widows, Mangiafico’s criminal record included
four theft prosecutions, operating a boat while intoxicated, and a charge
related to intentionally providing two police officers with a false address and
date of birth.
its managing member is a career criminal, the Premier Resources sales pitch to
investors stresses the company’s integrity and intention to build relationships
based on honesty and respect. Mangiafico’s criminal record is not disclosed.
Resources is offering units in the Oklahoma Premier Trinity for $200,000 per
unit or $25,000 for one-eighth of a unit.
annual return on investment could rise to 35% if the price of oil increases to
$65 per barrel, according to the order.
is offering the Premier Resources investments under Regulation D, Rule 506, a
federal provision that preempts the ability of states to require registration
federal law allows issuers to publicly solicit investors, but restricts sales
to investors who are accredited – meaning they meet certain income and net
to the order, the offering doesn’t qualify for preemption because Mangiafico
and Premier Resources are not taking reasonable steps to ensure all investors
are accredited, as the federal law requires.
and Premier Resources are also directing investors to misrepresent their status
as accredited investors, according to the order.
None of Mangiafico’s sales agents are registered
to sell securities in Texas, a violation of the Texas Securities Act.