In the Texas oil and gas sector, wheeling and dealing is just part of the culture. Unfortunately, some deals turn out to be too good to be true.

On April 6, the U.S. Securities and Exchange Commission filed suit against GC Resources and Brian J. Polito in the U.S. District Court for the Northern District of Texas, Dallas Division, for allegedly defrauding investors through the sale of interests in oil and gas wells that the company never owned. In a parallel action, the U.S. Attorney’s Office for the Northern District of Texas, Dallas Division, also filed criminal charges against Polito on April 6.

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