Dallas Promoters Ordered to Stop $4.4 Million Oil and Gas Offering
Austin
   
 
More Today's News:
ߦ   Driver ran red light, T-boned police officer downtown
ߦ   ICE Texas deports fugitive MS-13 member wanted for aggravated homicide
ߦ   Man with history of abuse to spend decades behind bars
ߦ   SAPD officer hospitalized after being struck by vehicle while directing traffic
ߦ   Coast Guard prepares for Hurricane Michael
ߦ   Federal agent dies in accident on way home from training
ߦ   29th Interpol Wildlife Crime Working Group Meeting
ߦ   Adopt a Shelter Dog Month
ߦ   Burnet County Inmate/Arrests Report
ߦ   Charges dropped against cop falsely accused of assault
ߦ   Child Advocates of Fort Bend Announces 2018 Christmas Home Tour Neighborhoods
ߦ   Domestic Violence Candlelight Vigil Oct. 18
ߦ   Fort Bend County Trial Information
ߦ   Houston Hospital Administrator Convicted of Health Care Fraud for Role in $16 Million Medicare Fraud Scheme
ߦ   IACP Quick Take: How to weed out morale killing behaviors in your agency
ߦ   Join City Councilmembers for Bike to City Hall Day on October 17
ߦ   Pearland Police Dept. Bulletin
ߦ   Sheriff’s Office and Fire Marshal’s Office Investigating Explosion
ߦ   Siblings Plead Guilty for Attack Outside D.C. Courthouse
ߦ   What's next for Chicago cop convicted in OIS?
ߦ   Bexar County SO dispatcher terminated after multiple DWI arrests
ߦ   League City man with cancer accuses four Galveston police officers of brutal assault
ߦ   Authorities fatally shoot man while serving warrant
ߦ   Houston police officer accused of fleeing arrest while driving drunk
ߦ   Investigation into Fatal Shooting at 14600 Alrover
ߦ   Investigation into Shooting at 7300 Mullins
ߦ   Suspect Arrested, Charged in Shooting Incident at 3033 Elgin
ߦ   Update- Homicide Victim Identified- 3155 French Road
ߦ   Wrongful death lawsuit moves to trial
ߦ   IN MEMORIAM - Katherine Kay Jahnke
ߦ   Elgin Police Officer William Silva Suffers Fatal On-Duty Heart Attack
ߦ   Officials give details on shootout that killed two Brookhaven officers
ߦ   VIDEO: Crazed Man Charges Officer, Starts Stabbing Him In Head
ߦ   Department of Justice Will Award More Than $10 Million to Support Crime Reduction Efforts
ߦ   Former Bandidos National VP Sentenced To Life In Federal Prison

 
Search Archives:
<B>Galveston County</b>
Galveston County

Texas Securities Commissioner Travis J. Iles on Feb. 9 entered an Emergency Cease and Desist Order against two Dallas men who are soliciting $4.4 million for an oil and gas project without disclosing their history of unpaid tax liens and allegations of fraud.

The order names Jason A. Gilbert and Parker R. Hallam, who are doing business through SourceRock Energy Phoenix Prospect LP and two affiliated companies. The companies are based in Dallas.

According to the order, Gilbert and Hallam are offering for sale interests in a single well project in Sumner County, Kansas. Of the $4.4 million the pair say they plan to raise, $1 million is supposed to be paid to one of their companies, SourceRock Energy Partners LP, as a management fee.

Gilbert and Hallam are telling investors that the remaining $3.4 million will be spent to lease the land in Kansas and develop the well field. They are not, however, disclosing that the estimated drilling costs are far lower – $750,000.

Hallam is also not disclosing that the Securities and Exchange Commission in 2016 named him as one of a dozen defendants in a lawsuit alleging oil and gas fraud of $80 million.

Hallam consented to an SEC judgment in the case in the U.S. District Court for the Northern District of Texas on April 18, 2017. Hallam agreed to pay disgorgement of gains and a civil penalty to be determined by the SEC.

Gilbert is not disclosing $548,041 in tax liens the IRS filed against him from 2009 to 2017. The IRS filed liens against Hallam in 2016 and 2017, which have an unpaid balance of $142,672.

As of Jan. 10, the liens had not been released.

Intentionally failing to disclose material information about an investment or persons offering the investment violates the anti-fraud provisions of the Texas Securities Act.

Gilbert and Hallam are not registered to sell securities. Neither are the SourceRock energy companies.
Post a comment
Name/Nickname:
(required)
Email Address: (must be a valid address)
(will not be published or shared)
Comments: (plain text only)
Printer Friendly Format  Printer Friendly Format    Send to a Friend  Send to a Friend    RSS Feed  RSS Feed
  Facebook   Share link on Twitter Tweet  
© 1999-2018 The Police News. All rights reserved.