A group of predatory money managers in Austin who promoted scam investments in oil and gas royalty interests and successfully bilked over $31 million from a large number of would-be investors were recently ordered by a federal judge to pay more than $35 million to the U.S. Securities and Exchange Commission.
In the case, Securities and Exchange Commission v. Helms, in the U.S. District Court for the Western District of Texas, Austin Division, U.S. Magistrate Judge Mark Lane recently entered the final judgment as to defendants Robert A. Helms, Janniece S. Kaelin, Deven Sellers and Roland Barrera. The order concluded the enforcement action that started back on Dec. 3, 2013, when the SEC filed the lawsuit.
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