Short-term radio show host faces SEC fraud charges
Dealing with a complaint with the SEC
The host of a short-term program aired on News-Talk radio stations has been charged with fraud by the SECURITIES AND EXCHANGES COMMISSION.
MARK PLUMMER was among six individuals and companies accused of securities fraud in a complaint filed by the SEC in the U.S. DISTRICT COURT of DALLAS. The complaint alleges that while PLUMMER and its company RICHMOND ENGINEERING, INC. were under investigation for a previous fraud scheme, they launched a new scheme in which PLUMMER used the radio show to trick listeners into investing in a company, PETROLEUM RESOURCES OF TEXAS, which was owned by the one of his former salesmen, MIKE BARRERA, without revealing the relationship. The SEC complaint also alleges that BARRERA leveraged funds from the investments for shopping sprees, posting bond, paying PLUMMER and paying previous investors in an alleged Ponzi scheme. The program has raised more than $ 7 million from 70 investors. BARRERA and the other defendants TODD PRINCE, GEORGE RAUCH and TODD BREITLING were also charged with soliciting and selling securities without being duly registered as a broker.
The SEC is seeking permanent injunctions against PLUMMER and BARRERA and is asking for a ban on the two from becoming officers or directors.
PLUMMER’s “SMART OIL & GAS SHOW” originated, according to the show’s intro segment, from AUDACY News Studios KRLD-A / DALLAS, and its website claims the show was broadcast on stations including iHEARTMEDIA News-Talk KEIB-A (THE PATRIOT AM 1150) / LOS ANGELES and News-Talk KTRH-A / HOUSTON, although the show’s archives end in OCTOBER 2020 and the show does not appear currently on the station’s schedules.
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