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SEC’s Oil and Gas Investor Fraud Suit ‘Overreaches,’ Motion Says

June 10, 2021, 8:00 PM

A suit alleging a $17.4 million fraudulent oil and gas investment scheme “represents an egregious example of SEC and administrative agency overreaching” and should be dismissed, the defendants told a federal court in Texas Thursday.

Paul W. Haarman and Patrick E. Duke allegedly used APEG Energy GP LLC to convince 115 investors to purchase limited partnership securities and pocketed nearly $2.7 million for themselves. The Securities and Exchange Commission complaint suggests “a fundamental misunderstanding of the facts,” the defendants told the U.S. District Court for the Western District of Texas.

The agency complaint “fails to delineate the specific subsections of ...

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