August 4, 2014
Posted January 26, 2016
The SEC charged Houston-based oil-and-gas exploration and production company Houston American Energy Corp. and its CEO John F. Terwilliger with making fraudulent claims about the company’s oil reserves. According to the SEC, Terwilliger and his company fraudulently claimed that a Colombian exploration concession in which Houston American only owned a fractional interest held between 1 billion and 4 billion barrels of oil reserves, and that the reserves were worth more than $100 per share to Houston American’s investors. SEC
Tagged in: Misrepresentations, Securities Fraud,