SEC Charges Louisiana Radio Host with Selling Securities in Unregistered Oil and Gas Offerings
Lit. Release No. 25424 / June 15, 2022
Securities and Exchange Commission v. Hollis P. Day, Jr., No. 2:22-cv-01771 (E.D. La. filed June 15 2022)
The Securities and Exchange Commission today charged insurance agent and radio host Hollis P. Day, Jr. with selling securities in unregistered oil and gas offerings and acting as an unregistered securities broker.
According to the SEC's complaint, from at least 2016 through 2020, Day hosted a weekly radio show called "Sage Money Radio" that promoted alternative investments. The SEC also alleges that Day marketed and sold securities in unregistered oil and gas offerings to retail investors. As alleged in the complaint, Day targeted his existing insurance clients and also used his weekly radio show to reach a larger audience and solicit additional investors. Day allegedly made hundreds of thousands of dollars in commissions selling securities in the unregistered offerings sponsored by Resolute Capital Partners LTD, LLC and Homebound Resources, LLC. These companies and their principals were the subject of a prior SEC enforcement action, In the Matter of Resolute Capital Partners, LTD, LLC, et al., AP File No. 3-20597 (Sept. 24, 2021).
The SEC's complaint, filed in federal district court in New Orleans, Louisiana, charges Day with violating Sections 5(a) and 5(c) of the Securities Act of 1933 and Section 15(a) of the Securities Exchange Act of 1934. The SEC seeks injunctive relief, disgorgement with prejudgment interest, and a civil penalty.
The SEC's investigation was conducted by Brian Fitzsimons and Brian Vann with assistance from Joshua Braunstein, James Smith, Dean Conway, Donato Furlano, and Deborah Russell. The investigation was supervised by Carolyn M. Welshhans and Brian O. Quinn. The litigation will be led by Duane K. Thompson and Mr. Fitzsimons, and supervised by James M. Carlson. The SEC appreciates the assistance of the Nevada Securities Division, the Securities Division of the Washington State Department of Financial Institutions, and the Financial Industry Regulatory Authority.