Did you suffer losses with Payson Petroleum? If so, the attorneys of Stoltmann Law Offices are interested in speaking with you. Payson Petroleum is an oil and gas company based out of Bartonville, Texas. The U.S. Securities and Exchange Commission (SEC) accused Matthew Carl Griffin and William Daniel Griffin, the former heads of the company, of making numerous misrepresentations to investors in connection with Payson’s 3 Well Program. The Griffins agreed to a permanent obey-the-law injunction, disgorgement with prejudgment interest and a civil penalty in amounts that will be determined by the court. The scheme was conducted between November 2013 and July 2014, when the Griffin brothers raised $23 million from 150 investors. The Griffins told investors that Payson would contribute 20 percent of the offering amount to cover 20 percent of the cost of the wells and that it would cover any cost overages beyond the estimated $24 million cost. In reality, Payson contributed no money to the offering or well costs and lacked the financial means to pay any overages. During this time, the Griffins knew the project lacked the funds and they misrepresented that they had raised the $27 million they told investors about.
Oil and gas investments are particularly risky and illiquid investments. They are not suitable for many investors. If you suffered losses with the Payson Petroleum fund, please call our Chicago-based law offices today at 312-332-4200. We may be able to help you recover those losses by bringing a claim against the company in the arbitration forum on a contingency fee basis. The call is free with no obligation. Please call today as there is a statute of limitations on many of these cases.
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