SEC
Whistleblower
Advocates

June 12, 2017

SEC v. Ascenergy LLC and Joseph Gabaldon

Offering Fraud

SANCTION AMOUNT: $7,179,690

Defendants: Ascenergy LLC
Joseph Gabaldon

Sanction resulting from consent judgment in case in which defendants allegedly engaged in a fraudulent offering of overriding royalty interests in five initial, undeveloped oil and gas wells. Beginning in 2014 or earlier, the scheme yielded approximately $5 million from approximately 90 investors worldwide. The complaint alleged that defendants made multiple, material misrepresentations about the company, the nature of the offering, and the use of investor funds.

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