Austin Money Mangers Ordered to Pay $31 million Restitution on Phony Oil and Gas Deals

Austin Money Mangers Ordered to Pay $31 million Restitution on Phony Oil and Gas Deals 150 150 Rex Securities Law

October 26, 2015- Austin, Texas

U.S. Magistrate Mark Lane entered a final judgment in favor of the SEC against four money managers who promoted scam investments in oil and gas royalty interests costing the victims over $31 million. SEC v Robert A. Helms, et al.

The SEC alleged that Robert Helms and Janice Kaelin of Austin miles investors about their  experience in the oil and gas industry and used only a fraction of the money raised from investors to invest in oil and gas deals. The majority of the money was used to make Ponzi payments and for personal expenses.

Deven Sellers of Arvada, Colorado and Roland Barrera of Costa Mesa, CA, were charged with selling the investments without being registered with the SEC and misleading investors about sales commissions.

Per the SEC Helms and Kaelin offered investments through Vendetta Royalty Partners.

The court ordered Helms and Kaelin to make restitution of more than $31 million plus interest and penalties. Sellers and Barrera were held liable for disgorgement of $459,000, plus interest and penalties.

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.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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