HUSA: Uh oh, look out below! SEC announces charges against Houston American Energy and its CEO.
August 4, 2014, 17:34 EDT
"The Securities and Exchange Commission announced charges against a Houston-based oil-and-gas exploration and production company and its CEO for making fraudulent claims about the company’s oil reserves. An SEC enforcement investigation found that Houston American Energy Corp. and John F. Terwilliger fraudulently claimed that a Colombian exploration concession in which Houston American only owned a fractional interest held between 1B and 4B barrels of oil reserves, and that the reserves were worth more than $100 per share to Houston American’s investors. The estimates lacked any reasonable basis and were falsely attributed to the concession’s operator, whose actual estimates were much lower.
All that is needed to make a happy life is within yourself, in your way of thinking. -Marcus Aurelius
