TX SEC Oil Investigation Action
On Aug. 12, TX SEC announced cooperation of unregistered agent.
- Jeremy "JB" Yowell cooperated with TX SEC enforcement division investigation of Woodland Resources LLC and operations director, longtime oilman Michael E. Patman.
- Yowell is an unregistered investment promoter for Woodland Resources LLC.
- Yowell Background
- In 2016, Michigan filed cease and desist order against Yowell for acting as an unregistered agent for contracting with an energy company to sell investments.
- Michigan scheme netted Yowell commission of up to 20% of value of sold securities.
- From Mar. 2019 to Jun. 2019, Yowell promoted investment offering by Woodland Resources, which was soliciting TX investors for working interests in oil wells in OK.
- Yowell has never been registered with TX securities commissioner as dealer or agent.
- Aug. 2019 TX SEC Order
- Order sets aside Jul. 10, 2019 emergency cease-and-desist order as it pertains to Yowell against Woodland, Patman, and another company principal, Brett Kroh.
- Order asserted Patman violated TX securities act by promoting investments in OK project without disclosing that he helmed two companies that went into bankruptcy.
- Order also alleged Patman further violated TX securities act by not informing potential TX investors he owed more than $13mn to investors who successfully sued for fraud.
- Order stopped the ongoing fundraising efforts of Patman, Yowell, and Brett Kroh.
||B/D; Corp; IA; Inv Co
||PR, 8/12/2019; LR, 7/10/2019;
||Client Money; Complaints; Compliance; Legal; Operations; Registration
||United States of America
||Commodities; Issuance/IPO; Securities
||AML & Enforcement
Last substantive update on 08/13/2019