SEC Charges Former Public Company CEO with Fraud
Hiding previous criminal cases, a chief executive officer at a Texas-based energy firm is facing lawsuit filed by the US Securities and Exchange Commission for committing fraud.
The SEC filed a complaint in the United States District Court for the Northern District of Texas alleging that Ronald D. Brooks committed securities fraud while serving as CEO and chairman of Standard Oil Company USA, Inc., a purported energy company headquartered in Dallas, Texas.
According to the SEC’s complaint, Brooks signed and certified Standard Oil’s initial disclosure statement filed with the Pink OTC Markets and made available to investors through that market’s website. Brooks did not disclose in his statement his prior criminal convictions.
In fact, the SEC said, Brooks has three prior felony convictions, two for securities violations. The SEC therefore alleges that Brooks defrauded Standard Oil’s investors.
The complaint seeks a permanent injunction, a civil monetary penalty, an officer-and-director bar, and a penny-stock bar.