April 2017-Plano, Texas
The Securities and Exchange Commission charged Matthew W. Fox of Plano, TX, and his company Wayne Energy with securities fraud in connection with a joint venture formed to recomplete an oil and gas well in Upshur County, Texas.
According to the SEC complaint, Fox raised $950,000 for the venture between March 2015 and October 2016, and the offering documents falsely stated that Wayne Energy would not commingle its funds with those of the joint venture.
The SEC alleges that Fox misappropriated most of the funds raised from investors and spent about $500,000 on personal expenses rather than the well in Upshur County. The personal expenses included over $236,000 in casino gambling charges. Fox had previously operated another oil and gas company that failed- Frisco Exploration, according to the SEC.
Link to SEC Litigation Release No. 23809.
Investors who made their investment upon the recommendation of a licensed stock broker may be able to recover damages.
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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