The Securities and Exchange Commission has charged Texas-based investment adviser APEG Energy and its owners, Patrick E. Duke and Paul W. Haarman, with fraudulently raising more than $17 million for an oil-and-gas investment fund they managed.
The agency also charged the two with misappropriating over $2.6 million from the fund.
The complaint seeks permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest and civil penalties against each defendant.
According to the SEC's complaint, from approximately December 2015 to October 2016, the fraudulent scheme engineered by Duke and Haarman involved the sale of limited partnership interests in the fund.
The two allegedly made several false and misleading statements to investors about the risks of investing in the fund, their compensation for managing the fund, and their expertise in the oil and gas industry.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
