The Securities and Exchange Commission has filed charges against oil and gas exploration and production company Houston American Energy Corp. and its chief executive officer, John Terwiliger, for fraudulently overstating the company’s oil reserves.
As Houston American was raising $13 million in a public offering in 2009, the SEC says, the company told investors that a Colombian exploration concession in which Houston American owned a small interest held between 1 billion and 4 billion barrels of oil reserves, worth more than $100 per share.
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