Articles Tagged with Payson Petroleum 3 Well

AdobeStock_66548440-1-300x169The Securities and Exchange Commission (SEC) filed a civil action charging Matthew Griffin and William Griffin with fraudulently offering two Texas oil and gas partnerships, Payson Petroleum 3 Well 2014. Allegedly, between November 2013 and July 2014, the Griffins conducted a fraudulent offering of interests raising $23 million from 150 investors. This was allegedly for the purpose of developing three oil and gas wells. According to the SEC, the Griffins misled investors about Payson’s participation in the program, as well as other aspects of its compensation. Their offering materials also contained numerous misrepresentations and omissions. These included the fact that Payson would contribute an up-front 20% of the offering amount in the amount of $5.4 million and that it would cover 20% of the cost of the wells, and that Payson would cover any cost overages beyond the estimated $24 million. The SEC found these representations to be false, because Payson paid nothing toward the cost of the wells. The company also lacked the financial means to do so. Payson has raised tens of millions of dollars through the following private placements:

Payson Petroleum, Inc.;

Payson Petroleum Jenny #1, LP;

AdobeStock_78306447-1-300x199Did 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.

Payson Petroleum Brown No. 1, L.P.; Payson Petroleum J.C. #1, LP; Payson Petroleum Jenny #1 L.P.; Payson Developmental Drilling Fund 2014 II, LP; Payson Drilling Fund 2015 I, LP; Payson Drilling Fund 2015 II, LP; Payson Petroleum Grayson 2 Well LP; Payson Petroleum Crowe 1, LP; Payson Petroleum 3 Well LP; and Payson Petroleum 3 Well 2014, LP

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