SEC v. Stephone N. Patton; Star Oil and Gas Company, Inc.; North Gulf Energy Corporation, Inc.; and Patton Farms, Inc., No. LR-25873, Middle District of Florida (Sept. 29, 2023) — Press Release
raw: Stephone N. Patton, Star Oil and Gas Company, Inc., et al.
Stephone N. Patton, Star Oil and Gas Company, Inc., et al., No. 8:23-cv-02212 (Sept. 29, 2023)
summary
The SEC charged convicted felon Stephone N. Patton and his companies with defrauding seniors and making false statements in thirty SEC filings.
paragraph
Stephone N. Patton and his entities are charged with making material misrepresentations in at least thirty Form D filings and misappropriating $53,000 from two senior investors for personal use. The SEC alleges Patton fabricated claims of $16 billion in annual revenue and 31 offshore oil platforms for Star Oil and Gas Company, Inc. The defendants face charges for violating antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.
narrative
The SEC has charged convicted felon Stephone N. Patton and his companies, including Star Oil and Gas Company, Inc., North Gulf Energy Corporation, Inc., and Patton Farms, Inc., with securities fraud. Between 2020 and 2023, Patton allegedly made false statements in at least thirty SEC filings and created a website with bogus claims of $16 billion in annual revenue and 32,000 employees. The complaint further alleges that Patton defrauded two senior investors by misrepresenting the use of funds and failing to disclose his prior convictions for identity theft and grand larceny. Patton is accused of misappropriating $53,000 of the invested funds to pay for his personal expenses. The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains, civil penalties, and an officer-and-director bar against Patton. Additionally, the agency seeks an order to permanently deactivate the fraudulent Star Oil website.
Classified financial-fraud(confidence 92%). EDGAR detection: forms 10-K/10-Q/8-K/NT 10-K· recall 67% / precision 23%. detection rule →
Parties
Securities and Exchange CommissionStephone N. PattonNorth Gulf Energy Corporation, Inc.Star Oil and Gas Company, Inc.Patton Farms, Inc.
Keywords
pattonsecoilstarstephone pattonsecurities exchangeincsecuritiespatton starexchange commissionpatton entitiesalleges pattoncompanystephonegas
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 2
- $16.00B $16 billion ≥$1B
- $53K $53,000 $10K–$100K
Entities 2
- agency Securities and Exchange Commission
- person stephone n. patton
Triples 8
- Securities And Exchange Commission charged Stephone N. Patton and his companies Star Oil and Gas Company, Inc., North Gulf Energy Corporation, Inc., and Patton Farms, Inc. with making false statements in at least thirty SEC filings and defrauding seniors
- Stephone N. Patton made false statements in at least thirty Form D filings on behalf of the Patton Entities
- Stephone N. Patton created a Star Oil website with bogus claims that the company has 31 offshore oil platforms, annual revenues of $16 billion, and over 32,000 employees
- The Patton Entities did not have any business operations or assets and did not generate any revenue
- Stephone N. Patton made material misrepresentations to at least two seniors about the use of investor funds, potential returns, and dividend payments from the businesses, and his business experience and education
- Stephone N. Patton misappropriated $53,000 invested by the two seniors to pay for personal expenses
- Securities And Exchange Commission seeks permanent injunctive relief, disgorgement of allegedly ill-gotten gains plus prejudgment interest, civil penalties against each of the defendants, an officer-and-director bar and conduct-based injunction against Patton, and an order mandating that Star Oil and Patton permanently deactivate Star Oil’s website
- Securities And Exchange Commission charges the defendants with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder
PDF (from attached: complaint)
Text layers
Extracted body text (2,496c)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25873 / September 29, 2023 Securities and Exchange Commission v. Stephone N. Patton, Star Oil and Gas Company, Inc., et al., No. 8:23-cv-02212 (M.D. Fla. filed September 29, 2023) SEC Charges Convicted Felon with Defrauding Seniors and Making Misleading Statements in SEC Filings The Securities and Exchange Commission today charged convicted felon Stephone N. Patton and his companies Star Oil and Gas Company, Inc., North Gulf Energy Corporation, Inc., and Patton Farms, Inc. (“the Patton Entities”), with making false statements in at least thirty SEC filings and defrauding seniors. The SEC’s complaint alleges that from 2020 to 2023, Patton made false statements in at least thirty Form D filings on behalf of the Patton Entities and also created a Star Oil website with bogus claims that the company has 31 offshore oil platforms, annual revenues of $16 billion, and over 32,000 employees. In reality, as alleged, the Patton Entities did not have any business operations or assets and did not generate any revenue. The complaint alleges that Patton made material misrepresentations to at least two seniors about the use of investor funds, potential returns, and dividend payments from the businesses, and his business experience and education, without disclosing multiple convictions for identity theft and grand larceny in Florida and Mississippi. The complaint further alleges that Patton misappropriated $53,000 invested by the two seniors to pay for personal expenses. The SEC’s complaint, filed in U.S. District Court for the Middle District of Florida, charges the defendants with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks permanent injunctive relief, disgorgement of allegedly ill-gotten gains plus prejudgment interest, civil penalties against each of the defendants, an officer-and-director bar and conduct-based injunction against Patton, and an order mandating that Star Oil and Patton permanently deactivate Star Oil’s website. The SEC’s investigation was conducted by Hughens Dolisca in the Miami Regional Office and supervised by Jason R. Berkowitz and Glenn S. Gordon. The SEC’s litigation will be led by Alise Johnson and Mr. Dolisca and supervised by Teresa J. Verges. The SEC appreciates the assistance of the Mississippi Secretary of State’s Office, Securities Division.
OCR text (2,496c · html-text · 99% conf)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25873 / September 29, 2023 Securities and Exchange Commission v. Stephone N. Patton, Star Oil and Gas Company, Inc., et al., No. 8:23-cv-02212 (M.D. Fla. filed September 29, 2023) SEC Charges Convicted Felon with Defrauding Seniors and Making Misleading Statements in SEC Filings The Securities and Exchange Commission today charged convicted felon Stephone N. Patton and his companies Star Oil and Gas Company, Inc., North Gulf Energy Corporation, Inc., and Patton Farms, Inc. (“the Patton Entities”), with making false statements in at least thirty SEC filings and defrauding seniors. The SEC’s complaint alleges that from 2020 to 2023, Patton made false statements in at least thirty Form D filings on behalf of the Patton Entities and also created a Star Oil website with bogus claims that the company has 31 offshore oil platforms, annual revenues of $16 billion, and over 32,000 employees. In reality, as alleged, the Patton Entities did not have any business operations or assets and did not generate any revenue. The complaint alleges that Patton made material misrepresentations to at least two seniors about the use of investor funds, potential returns, and dividend payments from the businesses, and his business experience and education, without disclosing multiple convictions for identity theft and grand larceny in Florida and Mississippi. The complaint further alleges that Patton misappropriated $53,000 invested by the two seniors to pay for personal expenses. The SEC’s complaint, filed in U.S. District Court for the Middle District of Florida, charges the defendants with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks permanent injunctive relief, disgorgement of allegedly ill-gotten gains plus prejudgment interest, civil penalties against each of the defendants, an officer-and-director bar and conduct-based injunction against Patton, and an order mandating that Star Oil and Patton permanently deactivate Star Oil’s website. The SEC’s investigation was conducted by Hughens Dolisca in the Miami Regional Office and supervised by Jason R. Berkowitz and Glenn S. Gordon. The SEC’s litigation will be led by Alise Johnson and Mr. Dolisca and supervised by Teresa J. Verges. The SEC appreciates the assistance of the Mississippi Secretary of State’s Office, Securities Division.