June 23, 2015-Austin, Texas
John Morgan, Texas Securities Commissioner, entered a Cease and Desist Order against Petro-San Resources LLC and Sean Patrick Riley of San Antonio, Texas, alleging that they are offering to sell unregistered investments in oil and gas drilling prospects in Caldwell County, Texas.
According to a news release from the Texas State Securities Board (TSSB) , this is the third regulatory sanction for Riley. In 2012 the Pennsylvania Securities Commission issued a cease and desist and in 2013 the Georgia Securities Commissioner issued a cease and desist, both for the sale of unregistered oil and gas investments to unqualified investors.
Riley pled guilty in Harris County State District Court to a felony for promotion of a pyramid scheme in 2005, according to the TSSB.
The San Antonio Express-News reports that Riley was the pastor to the Secret Place International Church ten years ago, when he pleaded guilty to operating a pyramid scheme.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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