From Staff Reports
The Securities and Exchange Commission sued an oil and gas business owner from Murphy alleging he defrauded 90 investors in 28 states of $4 million by selling securities in a drilling fund.
Named in the action filed May 14 is Sameer P. Sethi, 33, who operates Sethi Financial Group in Plano, which owns 100 percent of Sethi Petroleum.
Sethi is accused of selling securities in the Sethi-North Dakota Drilling Fund LVIII Joint Venture which have resulted in $4 million in losses to his clients.
In a 2010 civil action brought by the Colorado Securities Commissioner, the businessman and Sethi Petroleum were “permanently enjoined from engaging in unregistered and fraudulent offerings in the State of Colorado.”
Also, Sethi Oil and Gas was ordered to cease and desist selling unregistered securities in Pennsylvania in 2006.