On September 26, 2013, the Securities and Exchange Commission (SEC) charged Delray Beach, Florida, businessman, Ronald Walblay, and his companies, RyHolland Fielder Inc. and Energy Securities Inc., with a $12 million investment fraud in five oil and gas offerings for misrepresenting such key facts such as the amount of available reserves, the use of investor funds, and his past success in the oil and gas industry from 2009 to 2012.
According to the SEC's news release, Walblay raised the $12 million from more than 195 U.S. and foreign investors by falsely claiming in sales brochures that RyHolland Fielder offered millions of barrels of oil and natural gas reserves. Walblay also falsely stated in materials that investors could receive returns of up to 2,270 percent. The SEC claims that not a single investor had ever profited from any of the partnerships, and Walblay used a greater percentage of investor funds than was disclosed to pay salaries and marketing expenses for investor conferences.
According to the SEC’s complaint filed in U.S. District Court for the Southern District of Florida, the unregistered securities offerings by Walblay and his firms were in Basin Oil L.P., Basin Oil HV L.P., Great Plains Oil L.P., Permian Basin Oil L.P., and Texas Permian Oil LLLP. They solicited investors from approximately January 2009 to November 2012.
If your stock broker or financial advisor recommended these oil and gas offerings, call Soreide Law Group for a free consultation on how to potentially recover your investment losses. To speak with an attorney call 888-760-6552.
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