FROM: U.S. SECURITIES AND EXCHANGE COMMISSION
SEC Charges Former Public Company CEO with Fraud
On August 9, the Securities and Exchange Commission filed a complaint in the United States District Court for the Northern District of Texas alleging that Ronald D. Brooks committed securities fraud while serving as CEO and chairman of Standard Oil Company USA, Inc., a purported energy company headquartered in Dallas, Texas.
According to the SEC’s complaint, Brooks signed and certified Standard Oil’s initial disclosure statement filed with the Pink OTC Markets and made available to investors through that market’s website. Brooks represented in the disclosure statement that he had no prior criminal convictions. In fact, however, Brooks has three prior felony convictions, two for securities violations. The SEC therefore alleges that Brooks defrauded Standard Oil’s investors. The complaint charges Brooks with violating Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 thereunder and seeks a permanent injunction, a civil monetary penalty, an officer-and-director bar, and a penny-stock bar.
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