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Stock Market & Financial Investment News

News Breaks
August 4, 2014
17:34 EDTHUSASEC announces charges against Houston American Energy and its CEO
The Securities and Exchange Commission announced charges against a Houston-based oil-and-gas exploration and production company and its CEO for making fraudulent claims about the companyís oil reserves. An SEC enforcement investigation found that Houston American Energy Corp. and John F. Terwilliger fraudulently claimed that a Colombian exploration concession in which Houston American only owned a fractional interest held between 1B and 4B barrels of oil reserves, and that the reserves were worth more than $100 per share to Houston Americanís investors. The estimates lacked any reasonable basis and were falsely attributed to the concessionís operator, whose actual estimates were much lower. Reference Link
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