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RCP-U.US
id: 423
N.D. Texas
CourtOn September 24, 2022. the SEC charged Thomas Powell and Stefan Toth, and their entities, Resolute Capital Partners LTD LLC and Homebound Resources LLC, with making material misrepresentations and omissions in connection with more than a dozen unregistered oil and gas securities offerings.
According to the SEC's order, between 2016 and 2019, the respondents and salespeople acting on their behalf sold the debt and equity securities to retail investors in unregistered offerings based on working interests in oil and gas wells.
The order found that the respondents made material misstatements and omitted material facts in both debt and equity offerings, in particular, the respondents provided insufficiently supported projections of future oil production, made statements about potential tax benefits that were unavailable to certain investors, overstated cash reserves, and made incomplete disclosures regarding potential uses of investor funds, including the amount of funds that would be used for payments to prior debt and equity investors.
The order further found that the respondents should have known that their statements and omissions were materially misleading.
Case Status
Voluntary Dismissed
Alleged Offence
Mismanagement,
Misleading Statements,
Financial Misrepresentation,
Fraud,
Failure to Disclose,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Shareholder,
Investment Bank,
Service Provider
Security Type
Unit (ETF, ETN, Unit)
Trade Direction
Long
Shock Event Date
09/30/2021