September 30, 2016
Paul R. Downey, Jeffrey P. Downey, John M. Leonard
SANCTION AMOUNT: $7,207,385
Defendants: Paul R. Downey, Jeffrey P. Downey, John M. Leonard
Sanction against orchestrators of fraudulent oil-and-gas investment scheme. Defendants sold nearly $5 million of fund interests to 17 investors but, among other issues, they omitted mention of a receivership involving entities with which they and the fund's general operating partner (which they owned/controlled) were involved, and the appurtenant significant risk to the fund.
- Key Docs
- Official SEC press release