Southlake Resources Group, LLC, Cody M. Winters, and Nicholas R. Hamilton – Goodman & Nekvasil P.A. May Recover Investor Losses
Securities and Exchange Commission Charges Southlake Resources Group, LLC, Cody M. Winters, and Nicholas R. Hamilton
Southlake Resources Group, LLC and its president have agreed to pay over $5.4 million to settle charges by the Securities and Exchange Commission that they orchestrated an oil-and-gas fraud. The SEC also charged the president and a company vice president with acting as unregistered brokers in the transactions underlying the fraud.
According to the SEC’s complaint, filed on October 24, 2016, in the U.S. District Court for the Northern District of Texas, Southlake Resources Group, LLC and its founder and president, Cody M. Winters, raised approximately $5.2 million from more than 70 investors in 12 fraudulent oil-and-gas joint ventures. According to the SEC, Winters and Southlake employed sales agents, including vice president Nicholas R. Hamilton, to offer and sell joint-venture interests to investors in 26 states from approximately June 2010 through September 2014. The SEC alleges that Winters and Southlake provided investors with offering documents that contained untrue and misleading statements about the investments. For example, according to the SEC, the documents misrepresented the use of the offering proceeds, contained unsubstantiated projections regarding future oil production and revenue, and overstated expected well costs, according to the complaint. The SEC also alleges that Winters directed Southlake to engage in conduct that operated as a fraud on investors, including taking undisclosed profit and overhead payments from the offering proceeds, using offering proceeds to acquire working interests for itself, and selling joint-venture interests to certain investors at an undisclosed 50% discount.
Investors in Southlake Resources Group, LLC May Recover their Losses with Goodman & Nekvasil, P.A.
If you invested in Southlake Resources Group, LLC, Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
If you incurred investment losses in Southlake Resources Group, LLC and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.