Aegis Oil, LLC and its CEO and President were charged by the SEC with widespread securities fraud in offering $35 million in unregistered stock to 250 investors across the country.
Misinterpretation Leads To Fraud
The SEC alleged that Aegis made oral and written misrepresentations about the use of the proceeds and the projected production of oil and income from the investment.
Aegis and its CEO agreed to settle the charges against them without admission of wrongdoing, consenting to a final judgment enjoining future violations, with Aegis agreeing to disgorgement of approximately $35 million, prejudgment interest of nearly $6 million and a civil penalty of $775,000.
The SEC’s press release can be found at the following link:
Jeff Petersen is an attorney licensed in California and Illinois representing clients in a host of securities matters. He can be reached in California at 858.792.3666 and in Illinois at 312.583.7488.