The Texas State Securities Board took a series of administrative actions this week to halt fraudulent investment schemes targeting Texas investors.
Oil Well Investments are not Similar to Annuities: Texas Stops Deceptive Oil Offering. A working interest in an oil and gas prospect that provides “annuity-like” payments? It’s a deceptive securities offering, according to an Emergency Cease and Desist Order entered by Securities Commissioner Travis J. Iles. Energy Investment Partners LLC, a Dallas company, and John Robert “Bob” Flournoy, its principal, are accused of offering unregistered working interests in a well in the Maple Grove 2 Prospect in Manistee County, Michigan. Although oil and gas investments carry considerable risks, they are allegedly touting the profitability of the working interests by comparing them to annuities. According to the order, Energy Investment Partners and Flournoy are telling potential investors the working interests are “innovative oil & gas investment[s]” that provide “an ‘annuity-like’ distribution of payments.”
Investors Warned to Be Wary of Online Schemes by Parties Impersonating Registered Firms and Persons. Cybercriminals, hackers and other malicious online actors present a variety of threats to the public. They’re continuously perpetrating new types of phishing and spoofing scams and developing upgraded trojans, keyloggers, ransomware and other forms of destructive software. These threats are persuasive, and cyberattacks are becoming more routine, more harmful and more sophisticated. Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order that demonstrates investors are not immune from online cyberschemes. The action involves an identity theft and impersonation scheme – a sophisticated case where respondents allegedly appropriated the identity of a registered firm and registered persons and then fraudulently used their identities to solicit money from the public. Amage Trades and Admin OnlineExpo are accused of registering internet websites and social media accounts that purport to depict the likenesses of three registered parties. Don’t Respond to the Birdsong: Securities Commissioner Takes Action to Stop Forex Birds, Others Accused of Fraudulent Securities Offerings. Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order against Forex Birds, LTD and PEK Universe for fraudulently offering online investments tied to forex and cryptocurrencies. The action also named Kumar Babu Bondesi and Darwin Eric Balusek – the who uses the nickname “Bitcoin Pope.”
