David P. Ortiz and DaveGlo Investment Group, Inc.

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26549 / May 5, 2026

Securities and Exchange Commission v. David P. Ortiz and DaveGlo Investment Group, Inc., No. 2:25-cv-08610 (C.D. Cal. filed Sept. 11, 2025)

SEC Obtains Final Judgment as to Investment Adviser and his Entity in Alleged Unregistered Oil and Gas Offerings

On April 27, 2026, the United States District Court for the Central District of California entered final judgments as to David P. Ortiz and his entity DaveGlo Investment Group, Inc. (DaveGlo), whom the SEC previously charged with selling securities in unregistered oil and gas offerings, acting as unregistered brokers, and as to Ortiz, failing to disclose financial conflicts of interest to advisory clients.

The SEC’s complaint, filed on September 11, 2025, alleged that Ortiz, a California resident working through his entity DaveGlo, marketed and sold approximately $18 million of investments in oil and gas securities to approximately 20 retail investors in a series of unregistered securities offerings. The complaint alleged that Ortiz used mass marketing, including advertisements on radio programs and investment workshops, to solicit investors, and that he received more than $800,000 in transaction-based compensation for selling the unregistered securities.

Previously, without admitting or denying the allegations in the complaint, Ortiz and DaveGlo consented to judgments, entered by the Court on December 19, 2025, that permanently enjoined each from violating Section 5 of the Securities Act of 1933 and Section 15(a) of the Securities Exchange Act of 1934, and as to Ortiz, Section 206(2) of the Investment Advisers Act of 1940; and permanently enjoining Ortiz from issuing, purchasing, offering, or selling securities except for purchases or sales for his own personal account. The final judgments, entered by the Court on April 27, 2026, further ordered Ortiz and DaveGlo, jointly and severally, to pay disgorgement of $816,934, and prejudgment interest of $170,194, and ordered Ortiz to pay a $50,000 civil penalty, for a total monetary judgment of $1,037,128.

The SEC’s investigation was conducted by Brian Fitzsimons and David Frisof and was supervised by Brian Quinn and Michael Brennan. The SEC’s litigation was led by Mr. Fitzsimons and Rachel Yeates and was supervised by James Carlson.