On October 20, 2014, John Morgan, Securities Commissioner of Texas signed an emergency cease and desist order against Quixote Xploration LLC, and its President and CEO James Patrick Bona. Quixote Xploration offices at 777 S. Post Oak Lane, Suite 1700, Houston, TX. Bona has an address at 315 Southeast 23rd Ave., Apt 1, Pompano Beach, FL.
According to the Order Quixote and Bona have been offering investments in oil and gas to the general public at www.quixotexploration.com and are also advertising on www.fundable.com and www.startups.co .
The Order alleges that Quixote was offering an interest in a prospect located in South Louisiana known as the Powell Prospect, however Quixote did not own an interest in the Power Prospect and it had not been registered for sale in Texas. In addition Bona has a criminal history, in March 2013, he was sentenced to 98 months in Florida State Prison for securities fraud and grand theft and ordered to pay restitution of over $600,000. State of Florida v James Patrick Bona, Case #08-2154CF10A. In 2004, he was sentenced by a Broward County, FL, court to 3 years probation for dealing in stolen property. In 2000, he was sentenced to 33 months in Florida State Prison and 12 years probation for grand theft in the second degree.
Bona and Quixote are ordered to cease and desist offering unregistered securities for sale in Texas and from engaging in any fraud in connection the offer for sale of any security in Texas.
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