Free Speech, Due Process and Trial by Jury
Oklahoma City-based SandRidge Energy Inc. has agreed to pay a $1.4 million fine after the U.S. Securities and Exchange Commission accused the bankrupt oil and gas company of firing an
Federal prosecutors in Houston have officially agreed to allow National Oilwell Varco to avoid criminal and civil prosecution for dozens of trade sanction violations the Houston-based oil and gas driller allegedly committed in Iran, Cuba and Sudan. NOV signed a non-prosecution agreement on Nov. 9, which requires the company to pay $25 million in fines. The Texas Lawbook has the details.
Texas Attorney General Ken Paxton asked a federal judge to dismiss recent charges of securities fraud filed against their client by the U.S. Securities and Exchange Commission. In court documents filed Friday, Paxton’s lawyers argue that the SEC’s newest allegations must be thrown out because they do “not alleged sufficient facts to support its theory that Mr. Paxton had a legal duty to disclose any sales commission arrangement.”
The U.S. Securities and Exchange Commission filed new, amended charges Friday afternoon accusing Texas Attorney General Ken Paxton of securities fraud.
The U.S. Securities and Exchange Commission announced Tuesday that it has charged and settled allegations that a Pasadena, Texas-based bio fuels company and its former chief executive officer failed to disclose to investors essential financial assumptions that were critical to the company’s viability.
For the second time in three years, the U.S. Securities and Exchange Commission has nailed oil services company Weatherford International, which has substantial operations in Houston, with illegal busiess practices. This time, Weatherford agreed to pay $140 million in penalties to settle charges that it inflated earnings by using deceptive income tax accounting.
The SEC claims that Leon Cooperman and his $5 billion New York hedge fund used confidential, non-public information when they purchased large quantities of Atlas Pipeline Partners stock in 2010. Atlas is now owned by Houston-based Targa Resources.
Three Texas-based law firms announced Wednesday that they secured a $120 million settlement agreement this week for the 18,000 investors victimized by Houston financier Allen Stanford.
The SEC announced Friday that Houston-based Key Energy Services is paying $5 million to settle charges that its Mexico operations violated the Foreign Corrupt Practices Act. The SEC’s Fort Worth Regional Office says Key Mexico made $229,000 in illegal payments to a contract employee at Pemex.
A West Texas federal False Claims Act case that focused on the corporate marketing of a medical device has settled out of court for $11.5 million.
The SEC's Fort Worth Office accused China-based Longwei Petroleum Investment Holding and its American-based CFO, Michael Toups, with falsifying public statements in 2013 that substantially overstated potential capacity at the company’s fuel storage depots in China.
The SEC charged Dallas-based Breitling Energy Corp. and its CEO, “Frack Master” Chris Faulkner, of fraudulently spending tens-of-millions of dollars of investors money on lavish meals, expensive cars, strippers and escorts. The SEC claims that Faulkner masterminded an elaborate $80 million oil and gas fraud that included Breitling, Crude Energy and Patriot Energy and eight executives, including Breitling General Counsel Jeremy Wagers.
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