A promoter of oil and gas investments associated with Shelman Securities Corp. in Texas was sentenced to six years after entering a guilty plea in state court, according to the Texas State Securities Board.
Executive Promises False Oil & Gas Securities
Mark Parman was facing securities fraud charges after soliciting nearly $850,000 in investments after promising to use the money on oil and gas development projects. Instead, Parman used the funds to support his lifestyle.
Parman also failed to tell investors that in 2003, he and Shelman Securities Corp., of which he was chairman, were ordered to pay $1.7 million in restitution to investors in limited partnership offerings, according to a 2014 indictment. In that matter, Parman and his company were investigated by the Financial Industry Regulatory Authority (FINRA), who also revoked Parman’s license as a securities dealer and Shelman Securities’ license as a broker-dealer.
Further, Parman also failed to tell investors that he and Shelman Securities were liable for a $311,000 judgment from 2004 regarding claims of churning – that he and the company were trading excessively in order to rack up commissions. Parman also filed for a Chapter 7 bankruptcy and was jailed at one point for contempt of court after failing to respond to discovery in a case in which he was accused of not paying back a debt.
Call a Securities Fraud Attorney Today
If you invested with Parman or his company Shelman Securities, you may have legal rights that require your immediate attention.
Securities Fraud Attorneys that Get Results
The Fraud Report partners with the attorneys at Dimond Kaplan & Rothstein, P.A., contact them today to schedule an appointment or consultation to review your rights and options.
With offices in Los Angeles that cover the surrounding areas of Santa Monica, Malibu, Beverly Hills, Bel Air, Hollywood, West Hollywood, Pacific Palisades, Brentwood, and Westwood, the securities lawyers at DKR have recovered over $100 million from banks and brokerages firms for their wrongful actions.