A Houston-based oil and gas company, which the SEC said wildly exaggerated the amount of Colombian oil and gas interests it owned, has settled with the government entity and lost a CEO in the process.
In August 2014, the U.S. Securities and Exchange Commission instituted cease-and-desist proceedings against Houston American Energy Corp., an exploration and production company, and its CEO, John Terwilliger, for making fraudulent claims concerning the company’s oil reserves.
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