Rick Mullins, Guardian Oil & Gas, and Guardian Oil & Natural Gas Accused of Committing Fraud Relating to Oil and Gas Offering
Guardian Oil & Gas. Inc. (“Guardian”), Guardian Oil & Natural Gas, Inc. (“GONG”), and their principal, Rick D. Mullins, are accused of committing fraud relating to an alleged fraudulent oil and gas offering, according to the Securities and Exchange Commission (“SEC”).
The Peiffer Rosca securities practice attorneys Alan Rosca and Joe Peiffer are investigating the matter.
Rick Mullins Allegedly Orchestrated a Fraudulent Scheme with Guardian and GONG
Mullins, Guardian, and GONG are accused of raising approximately $6.5 million through the fraudulent offer and sale of securities to investors in the form of limited partnership interests in oil and gas programs, according to the SEC.
Mullins and Guardian did not disclose to investors the deteriorating financial condition of Guardian and its debt relating to pre-existing bank loans, according to the SEC. Mullins, Guardian, and GONG falsely represented that investors’ money would only be used for the specific drilling in which they had invested, however, Guardian and GONG redirected investor funds for other unrelated purposes, according to the SEC.
Mullins, Guardian, and GONG also falsely represented to investors that they would directly receive revenue from the sale of any oil and gas production from the project in which they had invested, according to the SEC. However, operators were deducting from production revenue expenses due on other, unrelated projects, according to the SEC.
Mullins made outrageous misrepresentations to investors after he collected their money for one project and spent that money on an unrelated expenses and was thus unable to obtain an interest in the project for which he collected money, according to the SEC. Mullins lied and told investors that the well was unproductive, according to the SEC.
Investment Fraud Lawyers Investigating
The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.
Broker: Rick D. Mullins
Status: INVESTIGATED by Peiffer Rosca.
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