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SEC SANCTIONS SELLER OF OIL & GAS INTERESTS

Posted by: Robert Rex
January 23, 2012
Topic: SEC news

On September 20, 2011, the Securities and Exchange Commission issued an Order Instituting Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 against Justin William Rifkin of Corpus Christi, TX, who was managing member of Wellco Energy LLC. Wellco, which operated out of Colorado Springs, CO, sold fractional interes in oil and gas deals to others while receiving a commission.

The complaint alleged that the salesmen misrepresented the nature of the deals and Rifkin's experience in the industry. In addition, it alleges that investors were not told that only 42% of their invested capital was actually used to acquire oil and gas interests. The rest was spent on commissions and personal expenses.

The SEC ordered that Rifkin be barred from association with any broker dealer or investment advisor and from making future offerings.

 To see the entire order:

http://www.sec.gov/litigation/admin/2012/34-66143.pdf

 Questions about your brokerage account ? Call Bob Rex, Esq.  at 561 391 1900 or visit or lawfirm website at www.dmrslaw.com.

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