Oil and gas investments are often touted as wildly lucrative by companies and individuals trying to attract investors. But the hotter the proposed deal is, the more likely the investor is to get burned.
A recent example of alleged investment fraud involves San Antonio-based Petro-San Resources and its president and managing member, Sean Patrick Riley. Securities commissioner John Morgan, acting on behalf of the Texas State Securities Board (TSSB), recently entered an emergency cease and desist order against Riley and his company in the case titled In the Matter of Petro-San Resources and Riley. The order was brought pursuant to Section 23-2 of the Securities Act.
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