Published On: February 10, 2017

Did you lose money by investing in Payson Petroleum? In November of last year, the Securities and Exchange Commission (SEC) filed a civil action charging brothers Matthew Carl Griffin and William Daniel Griffin with fraudulently offering interests in two Texas partnerships. The brothers owned and operated Payson Petroleum Inc. at the time. They allegedly raised $23 million from 150 investors in order to develop three oil and gas wells. The SEC alleged that the Griffins misled investors about Payson’s participation in the program and about its compensation as the program’s sponsor and operator. The Griffins misrepresented that Payson would contribute, up-front, 20% of the offering amount, or $5.4 million and that Payson would cover any cost overages in drilling and completing the wells, among other things. In reality, Payson contributed no money to the offering and paid nothing toward the wells costs, and lacked the financial means to pay even the smallest cost overage. Please call our securities law firm at 312-332-4200 to speak to an attorney if you suffered losses with Payson Petroleum. We may be able to help you recover your losses in the arbitration forum on a contingency fee basis.

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