Texas Oil Shyster Won't Stop, SEC Says
DALLAS (CN) - An Irving, Texas recidivist fraudulently raised $9.8 million from victims in 21 states for his Couch Oil & Gas company, the SEC claims in court.
The SEC sued Charles Couch, 64, and his company, Couch Oil & Gas, in Federal Court.
It's not the first time around for Couch, the SEC says. It claims Wisconsin barred him and his company from selling unregistered securities in 2005, and Pennsylvania issued a cease-and-desist order against him and his company in 2009.
The SEC claims Couch "made materially false and misleading statements and omissions" to take $9.8 million from more than 200 investors for unregistered securities in two so-called oil and gas investment programs, the Permian-Black Shale-Fifty Nine Well Program and the Radial Nine Well Program.
"Through these fraudulent offerings, Defendants raised approximately $9,800,000 million from more than 200 investors located in at least 21 states," the complaint states. These alleged frauds happened from 2010 to 2012, the SEC says.
It seeks disgorgement, penalties and an injunction.