Did you suffer losses with Payson Petroleum? If so, the attorneys of Stoltmann Law Offices are interested in speaking with you. Payson Petroleum is an oil and gas company based out of Bartonville, Texas. The U.S. Securities and Exchange Commission (SEC) accused Matthew Carl Griffin and William Daniel Griffin, the former heads of the company, of making numerous misrepresentations to investors in connection with Payson’s 3 Well Program. The Griffins agreed to a permanent obey-the-law injunction, disgorgement with prejudgment interest and a civil penalty in amounts that will be determined by the court. The scheme was conducted between November 2013 and July 2014, when the Griffin brothers raised $23 million from 150 investors. The Griffins told investors that Payson would contribute 20 percent of the offering amount to cover 20 percent of the cost of the wells and that it would cover any cost overages beyond the estimated $24 million cost. In reality, Payson contributed no money to the offering or well costs and lacked the financial means to pay any overages. During this time, the Griffins knew the project lacked the funds and they misrepresented that they had raised the $27 million they told investors about.
Oil and gas investments are particularly risky and illiquid investments. They are not suitable for many investors. If you suffered losses with the Payson Petroleum fund, please call our Chicago-based law offices today at 312-332-4200. We may be able to help you recover those losses by bringing a claim against the company in the arbitration forum on a contingency fee basis. The call is free with no obligation. Please call today as there is a statute of limitations on many of these cases.
Payson Petroleum Brown No. 1, L.P.; Payson Petroleum J.C. #1, LP; Payson Petroleum Jenny #1 L.P.; Payson Developmental Drilling Fund 2014 II, LP; Payson Drilling Fund 2015 I, LP; Payson Drilling Fund 2015 II, LP; Payson Petroleum Grayson 2 Well LP; Payson Petroleum Crowe 1, LP; Payson Petroleum 3 Well LP; and Payson Petroleum 3 Well 2014, LP
The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.