SEC Levies New Charges, Seeks Additional Penalties against Texas Energy Fund Execs

The U.S. Securities and Exchange Commission filed new charges Tuesday against seven executives of Grapevine-based Texas Energy Mutual involved in a $10 million oil and gas Ponzi scheme between 2013 and 2016 that defrauded hundreds of investors in several states.

Some TEM executives were criminally prosecuted last year, but the SEC’s lawsuit filed Tuesday charges two new officials that they say were part of the fraud and it seeks to ban all seven from ever serving as an executive or on the board of directors of a corporation ever again.