SEC v. Team Resources, Inc., et al. (unregistered distributions, 2015)

Settled

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In 2015 the SEC charged two oil and gas companies, their controller and four salespeople over eight unregistered offerings that raised over $33 million; most consented to judgments with amounts to be set.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

On April 6, 2015 the SEC announced a complaint in the Northern District of Texas against Team Resources, Inc., Fossil Energy Corp., Kevin Albert Boyles, Philip Adam Dressner, Michael James Eppy, Andrew Stitt and John M. Olivia. It alleges that from 2007 to 2012 the companies raised over $33 million from about 475 investors through eight unregistered offerings, using cold-calling salespeople who misled investors. It charges Section 5(a) and 5(c) and fraud violations, and the defendants consented to injunctions with disgorgement and penalties to be set by the court. The record previously showed the defendants as 'Team Resources, Inc., et al.'.

This library tags the matter as unregistered distributions, based on the conduct the document describes. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Unregistered distributions — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2015-04-06 Litigation release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.