Securities Fraud

AUSTIN, Texas – The Securities and Exchange Commission claims in Austin federal court that the owner of Petroforce Energy raised $3.9 million by selling interests in oil and gas ventures without registering the securities with the agency.

William D. Veasey IV, 47, is also accused of not telling investors that drilling operations were hampered by paraffin build-up in the wells. Other defendants include Javier Alvarado, Jr. and Ivan J.A. Turrentine.

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