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RCP-U.US
id: 423
N.D. Texas
Court
On September 24, 2022. the SEC charged Thomas Powell and Stefan Toth, and their entities, Resolute Capital Partners LTD LLC and Homebound Resources LLC, with making material misrepresentations and omissions in connection with more than a dozen unregistered oil and gas securities offerings.

According to the SEC's order, between 2016 and 2019, the respondents and salespeople acting on their behalf sold the debt and equity securities to retail investors in unregistered offerings based on working interests in oil and gas wells.

The order found that the respondents made material misstatements and omitted material facts in both debt and equity offerings, in particular, the respondents provided insufficiently supported projections of future oil production, made statements about potential tax benefits that were unavailable to certain investors, overstated cash reserves, and made incomplete disclosures regarding potential uses of investor funds, including the amount of funds that would be used for payments to prior debt and equity investors.

The order further found that the respondents should have known that their statements and omissions were materially misleading.

Alleged Offence
Mismanagement
Misleading Statements
Financial Misrepresentation
Fraud
Failure to Disclose
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Shareholder
Investment Bank
Service Provider
Security Type
Unit (ETF, ETN, Unit)
Trade Direction
Long
Shock Event Date
30 September 2021
Collecting participants…

Resolute Capital Partners LTD

Private equity firm that “gives smart investors access to beyond-Wall Street assets, such as oil and gas wells.”

    Ticker
    RCP-U.US
    CIK
    00001747758
    Sector
    Energy
    Industry
    Oil, Gas & Consumable Fuels
    Country
    US
    Address
    4790 CAUGHLIN PKWY #416RENO, NEVADA 89519