SEC Seeks $14 Million, Alleging Oil Scams

DALLAS (CN) - Tommy Barber and T-Bar Resources defrauded 300 investors of $14 million by selling bogus securities in three oil and gas drilling projects, known as Arrowhead, Sierra and Sidnee, the SEC claims in Federal Court. Barber, 30, of Flower Mound, Texas, also swiped investors' money to buy himself stuff, including a $500,000 home, the Sec claims. See complaint.