Texas State Securities Board — Possible Incompetency
Is Texas Securities Harboring Criminals?
Apathy, Complicity or Payola the Results are the same!
Colt Ledger & Associates, Inc. has entered into a heated and aggressive complaint against the Texas Securities Board, their Enforcement Division and their Dallas Field Office based on their recent and documented incompetent, inept and/or possible illegal handling of the multiple complaints filed against Charles Couch and Couch Oil and Gas (Couch) by Colt Ledger & Associates.
We began sending Couch documented complaints to Texas Securities 3.5 to 4 years ago, naming Charles and his son Robert and, Dr. Phil’s Financial Guru, Loral Langemeier, as “co-conspirators” in a nationwide securities and criminal fraud complaint. We reworked these complaints in 2013 to reflect additional documented allegations of criminal activity, such as, alleged money laundering, and resubmitted it to Texas Securities’ Corpus Christi office as requested.
The Corpus Christi Office has successfully presented the Garry B. Smith, Robert James Nelson, Triton, Overland and Acorn oil and gas companies, one of our larger complaints, 70 plus victims, to the Collin County DA’s office who has obtained a multiple count indictment. Colt Ledger was extremely encouraged with the Couch complaint going to Angela Cole in Corpus Christi and believed that the Couch victims (approximately 70) were safe with the complaints assigned to Angela Cole. After all, the Couch complaint was virtually identical to the Garry B. Smith complaint! It appeared to be a slam-dunk!
However, we learned a short time later that the Couch complaint moved to the Dallas Office due to “jurisdiction”. One of my female staff members, who is in charge of making sure all of the complaints arrive with all necessary documentation, called the Dallas Office to set up a line of communication with the agent in charge of the Couch complaints to insure he had everything he required to evaluate the complaint. We have followed this same process, with the filing of over 1, 000 securities and criminal complaints.
Our staff member contacted Agent Matthew Wise, a rude, vulgar and smart mouth individual that basically, said he was a professional, he required no assistance and IF we wanted to send him anything, “just do it”! Mr. Wise has incessantly and consistently, [censor]ed, whined and complained about his “heavy case load”, every time he has the opportunity. I contacted his supervisor, Jay Oman, about Mr. Wise’s extremely poor attitude, which Oman quickly ignored and dismissed. I also asked why the Couch Case was moved to Dallas and given to someone constantly complaining about his, apparently, unbearable case load. I did not receive a believable reason.
After we had waited an additional 1.5 years and still had not gotten a single comment from Dallas we called. The consistently unpleasant and over worked Mr. Wise told us that our Couch complaints were “weak” and would not, be going to a prosecutor. We asked to talk with the Deputy Director of Enforcement Division, Jay Oman, who official declared the Couch Complaint as, “weak at best” and would not go to a prosecutor for review.
The Dallas Office of Texas Securities has always been suspect when considering their lack of accomplishment and actual performance results. We have givrThey talk a lot but do virtually nothing even though they sit at the very epicenter of the largest and, least challenged, oil and gas swindle in the nation. There are virtually hundreds of oil and gas swindles occurring daily within a 25 mile radius of the Texas Securities Board’s Enforcement Division’s Dallas Field Office! There are thousands of victims and hundreds of millions of dollars stolen each year right under the nose of the Texas Securities’ Enforcement Division with absolutely no consequences or any fear of reprisal!
Colt Ledger knew that if the Couch complaints had remained in Corpus Christi there would have been a very significant chance that there would have been an indictment. In the Dallas Office, these same complaints, were doomed before they every arrived; given the extreme under performance and uninspiring record of Jay Oman, Joseph Oman, Matthew Wise and the entire Dallas Feld Office of the Texas Securities Board’s Enforcement Division. The over-all documentation of the extremely poor performance of the Enforcement Division, in their “Civil and Criminal Action” posts can only be the result of apathy or complicity. In fact, the entire record of activity in the undisputed capital of oil and gas cons, by the Enforcement Division, is so anemic, at all levels, there is little doubt that the Enforcement Division is not to be feared!
Please keep in mind that the Dallas Field Office of Texas Securities could not find one single securities violation in, well over, 2.5 years of “processing” the Couch Complaint!
We, of course, contacted our Couch victims and told them of the Dallas Field Office’s official findings. We also pointed out the fact that a very similar complaint, “processed” out of the Corpus Christi Field Office had ended in multiple criminal indictments. It was apparent that the Dallas Office was not going to pursue and that we were very suspicious of the motivations of the Dallas Field Office’s lack of conviction, commitment and action when dealing with complaints involving major oil and gas scams originating from the Dallas area. Colt Ledger knew we had solid securities and criminal fraud complaints and the Dallas Office was going to hold them until the statutes of limitation expired, intentionally. It clearly appeared that Jay Oman was not going to pass the complaints to other law enforcement agencies for criminal prosecution, thus providing Charles Couch, intentionally or unintentionally, a safe harbor from prosecution.
So, several of the Couch victims, made apparently well placed political calls and we were contacted by the SEC’s Dallas Field Office and in less than 90 days they had official charged Charles Couch with 50 plus separate securities violations based on the exact same complaints that had languished in Texas Securities Board’s Dallas Field Office! Now, remember, Jay Oman, Deputy Director of Enforcement for Texas Securities could not find one single violation in over 2.5 years! The SEC found 50 plus in less than 90 days! Why could Jay Oman not find one single violation, apathy or complicity?
Here is undeniable and irrefutable proof that the Texas Securities Board’s Enforcement Division had complaints containing 50 plus viable securities complaints and Jay Oman chose to ignore all of them! I say, “Chose to ignore them”, because Jay Oman, Deputy Director of the Enforcement Division, a seasoned Texas securities agent, knew the complaints were solid allegations with irrefutable proof of securities fraud and, directed his Dallas office to ignore them, why; apathy or complicity?
REMEMBER, Jay Oman took the complaints from the Corpus Christi Field Office where a very similar complaint resulted in a multiple criminal indictment and had it moved to his “jurisdiction”, assigned to an agent who was “overloaded” with cases and kept it for 2.5 years. Is there any doubt that Jay Oman would still be sitting on the 69 complaints if we had not called for an update? Is there any doubt that these 69 complaints would still be in the Texas Securities’ Dallas Field Office if our clients had not made calls to influential politicians? There is no way to get around Jay Oman’s culpability in this, possible, criminal activity. Jay Oman, intentionally, had his field office “stand down” and betrayed the “victims” of Charles Couch!
I will address those possible answers during the next update, coming soon. We will also be looking at the Texas Securities Board’s answer to Colt Ledger’s inquiry as to how such a colossal screw-up could be explained. Ronak Patel’s, the Deputy Director of the Texas Securities Board, response will amaze you! Hint: There is no one running Texas Securities! In addition, we have reached out to Joe Rotunda, Director of the Enforcement Division of the Texas Securities Board. Joe has just been designated, our new “handler” which should prove interesting. We have many questions for Big Joe! We have already gotten a letter off asking him to explain his divisions, total lack of integrity. You will be surprised at this man of action’s response! Your introduction to Ronak Patel and Joe Rotunda will give you keen insight into why Texas Securities is in shambles and further victimizing the “victims” of Texas Securities lack of action.
However, here is a final thought for you to contemplate until our next installment. Texas Securities agents hold a very powerful legal position over crooked and unethical oil and gas swindlers. We know, through conversations with these agents, that they are very much aware of the, who, what, how, when, where and why of these swindlers.
The swindlers produce hundreds of millions of dollars every year in Texas for tax revenue, campaign contributions, charities and a life style reflective of a Texas Oil Baron. Money buys politicians, judges, elections and power. I ask, is it a quantum leap to suggest the possibility that certain Texas securities directors, agents, or an entire Field Office of the Texas Securities’ Enforcement Division is for sale?
So with my slant I asked myself, “Why would the Dallas Field Office, setting in the most fertile field in the nation for oil and gas swindles have such an abysmal record and clearly demonstrate an unwillingness to pursue and seek justice for the “victims”?
This is where my thoughts take me. Whether this is a valid course of thought, time will tell, however, I believe many will reach this conclusion, without my help, based on the facts.
Let’s face it; it has to be the apathy or complicity. However, no matter which it is, the actual results are the same for the “victims”! No Justice, complements of the Texas Securities Board:
Beth Ann Blackwood, Chair Dallas, TX
Derrick M. Mitchell Houston, TX
E. Wally Kinney Dripping Springs, TX
David Appleby El Paso, TX
Alan Waldrop Austin, TX
P.O. Box 13167, Austin, Texas [protected]
208 E. 10th Street, 5th Floor, Austin, Texas 78701
Is Texas Securities Harboring Criminals?
THE TEXAS SECURITIES BOARD, OBSTRUCTING JUSTICE OR APATHETIC?
Contact [protected]@coltledger.com with any comments.