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Brief
The United States Securities and Exchange Commission (SEC) has issued an order against Resolute Capital Partners LTD, LLC, Homebound Resources, LLC, Thomas J. Powell, and Stefan T. Toth for material misrepresentations and omissions in unregistered oil and gas securities offerings. The SEC found that the Respondents sold over $250 million of debt and equity securities to retail investors with insufficiently supported projections of future oil production, overstated cash reserves, and made incomplete disclosures regarding potential uses of investor funds. The Commission ordered the Respondents to pay $600,000 in civil money penalties and created a Fair Fund to distribute the collected penalties to harmed investors.
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