Texas State Securities Board Orders Golden Triangle Energy Corp. and Vision Asset Development Co. to Stop Selling Securities

The Texas State Securities Board has issued an emergency cease and desist order telling oil and gas companies Golden Triangle Energy Corp. and Vision Asset Development Co. to stop selling securities. The board is accusing both companies of lying to investors about certain payments and selling unregistered stock shares.

The board contends that the companies’ leader, Michael Dannelly, sold unregistered stock shares and units of interest in a joint venture involved with oil and gas wells and leases. Dannelly previously did business as Oil & Gas Managing Partners.

While selling interests in oil and gas well drilling programs, Dannelly is accused of spending millions of investors’ funds at casinos and on other personal expenses. The order also says that Dannelly organized a Ponzi scam and neglected to tell investors that he had was sued for securities fraud. Two sales agents, Harley Garvin and William McGarry, are also accused of selling unregistered stock shares.

In a separate case, and just one day before issuing the order against Vision Asset Development Co. and Golden Triangle Energy Corp, the board put out a search warrant affidavit against Impact Energy accusing the company of engaging in fraud when it sold natural gas securities.

Texas State Securities Board
The Texas State Securities Board works to protect Texas investors and make sure that a free and competitive market exists in the state. Texas securities laws are committed to prohibiting securities fraud and misrepresentation during securities sales. The state laws also offer sanctions and remedies in the event of violations.

Related Web Resources:
Texas State Securities Board takes action against Vision Asset Development, Golden Triangle Energy, DallasNews.com, January 28, 2008
Read the Cease and Desist Order, Texas State Securities Board (PDF)

Texas State Securities Board

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