U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23473 / February 19, 2016
Securities and Exchange Commission v. Nathan Halsey and TexStar Oil Co., Ltd., Civil Action No. 3:16-cv-00450-B (N.D. Tex. filed February 17, 2016)
SEC Charges Oil and Gas Company and Founder with Fraud
The Securities and Exchange Commission charged Nathan Halsey and TexStar Oil, Ltd. in the United States District Court for the Northern District of Texas, with fraudulently offering securities through misleading investment materials and keeping funds from investors who believed they were investing in an entirely separate company.
The SEC's complaint, filed in the U.S. District Court for the Northern District of Texan on February 17, 2016, alleges:
The SEC's complaint charges both defendants with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Section 17(a) of the Securities Act of 1933. The complaint also charges Halsey with violating Section 16(a) of the Exchange Act by failing to make required SEC filings. The SEC's complaint seeks permanent injunctions, civil penalties, disgorgement plus prejudgment interest, and other relief against both defendants, as well as a conduct-based injunction and an officer and director bar against Halsey.
The SEC's investigation was conducted by Rebecca Fike, Kimberly Cain, Carol Stumbaugh, and Michelle Lama, and supervised by Jim Etri of the Fort Worth Regional Office. The litigation will be led by Timothy McCole.