Dallas radio show host accused in oil scheme

Charles Schwab Faces SEC Probe for Robo Advisory ReportingThe Securities and Exchange Commission is targeting a Dallas licensed petroleum engineer for using his KRLD radio show to attract investors into a fraudulent oil and gas investment opportunity.

The SEC filed a complaint against Mark Plummer who aired the “Smart Oil and Gas” show on the radio station and asked callers to phone for more information. The callers were routed to Petroleum Resources of Texas, a company secretly working with Plummer reported the Dallas Morning News.

The SEC complaint charged that Plummer encouraged people to invest their money with Petroleum Resources but didn’t reveal the firm was owned by his former sales Mike Barrera and that he was also involved with the company.

Between 2018 and 2020, more than $7 million was raised from 70 investors in two oil and gas well projects. According to the SEC, the money was diverted to Plummer through another of his companies, Richmond Engineering Inc. and he used the money to pay for things like club memberships, personal credit card debt, car and mortgage payments and even student loans.

Source: Dallas Morning News