SEC v. Thomas San Miguel, No. LR-26059, Southern District of Texas (July 29, 2024) — Press Release
raw: Thomas San Miguel
Thomas San Miguel, No. 4:24-cv-02805 (July 29, 2024)
summary
The SEC charged former SGR Energy CEO Thomas San Miguel for orchestrating a $21.3 million fraudulent securities offering through false financial claims.
paragraph
Thomas San Miguel, the former CEO of SGR Energy, is charged with conducting an unregistered and fraudulent securities offering that raised $21.3 million from over 300 investors. The SEC alleges San Miguel made false claims regarding 12% annual dividends, a $19 million accounts receivable, and the acquisition of a Colombian terminal. The agency is seeking civil penalties, permanent injunctions, and an officer-and-director bar against him.
narrative
The SEC has filed charges against Thomas San Miguel, the founder and former CEO of Houston-based SGR Energy, Inc., for an unregistered and fraudulent securities offering. Between November 2015 and December 2021, San Miguel allegedly raised approximately $21.3 million from more than 300 investors nationwide. To lure investors, he made false claims about 12% annual dividends, inflated revenues, and a $19 million accounts receivable. He also falsely claimed the company had acquired a large-capacity terminal in Colombia, when in reality the company only leased a terminal and sustained significant losses. The SEC's complaint alleges violations of the Securities Act of 1933 and the Securities Exchange Act of 1934. The agency is seeking a civil penalty, permanent injunctions, and an officer-and-director bar against San Miguel.
Classified unregistered-securities(confidence 100%). EDGAR detection: forms Form D/S-1· recall 41% / precision 30%. detection rule →
Statutes
Parties
Securities and Exchange CommissionThomas San Miguel
Keywords
sanmiguelsecurities exchangesecuritiesenergysgrexchange commissionthomasexchangesec'scommissionmillionlitigationjulysec
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 2
- $21.30M $21.3 million $10M–$100M
- $19.00M $19 million $10M–$100M
Entities 8
- person colombian terminal
- person jason reinsch
- person keefe bernstein
- agency sec's complaint
- agency sec's investigation
- agency Securities and Exchange Commission
- person sgr energy
- person thomas san miguel
Triples 16
- Securities and Exchange Commission Charges Thomas San Miguel
- Securities and Exchange Commission Filed Charges Thomas San Miguel
- Thomas San Miguel Engaging In Unregistered and Fraudulent Securities Offering
- Thomas San Miguel Raised Approximately $21.3 Million
- Thomas San Miguel Lured Investors With Claims Of A 12% Annual Dividend, Escalating Revenue And Profits, And A $19 Million Accounts Receivable
- SGR Energy Never Acquired Colombian Terminal
- SGR Energy Sustained Enormous Losses While Leasing The Terminal
- $19 Million Receivable Was Not Legitimate
- SGR Energy Generated Miniscule Fraction Of The Claimed Revenue
- SGR Energy Likely Never Generated Profit
- SEC's Complaint Charges San Miguel With Violating Sections 5(a), 5(c), And 17 Of The Securities Act Of 1933 And Section 10(b) Of The Securities Exchange Act Of 1934 And Rule 10b-5 Thereunder
- SEC Seeks Civil Penalty, Permanent Injunctions, And An Officer-And-Director Bar
- SEC's Investigation Conducted By Jeffrey Cohen, Carol Stumbaugh, And Cristy Hart Of The Fort Worth Regional Office
- SEC's Investigation Supervised By Eric Werner And B. David Fraser
- Litigation Led By Jason Reinsch
- Litigation Supervised By Keefe Bernstein
PDF (from attached: complaint)
Text layers
Extracted body text (2,021c)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26059 / July 29, 2024 Securities and Exchange Commission v. Thomas San Miguel, No. 4:24-cv-02805 (S.D. Tex. filed July 29, 2024) SEC Charges CEO of Houston Energy Company with Fraud The Securities and Exchange Commission announced today that it filed charges against Thomas San Miguel, founder and former Chief Executive Officer of SGR Energy, Inc. ("SGR Energy"), a Houston-based fuel-blending business, for engaging in an unregistered and fraudulent securities offering. The SEC's complaint alleges that between November 2015 and December 2021, San Miguel raised approximately $21.3 million from over 300 investors nationwide through the fraudulent and unregistered offer and sale of preferred stock in SGR Energy. According to the SEC's complaint, San Miguel lured investors with claims of a 12% annual dividend, escalating revenue and profits, and a $19 million accounts receivable, in addition to SGR Energy's purported acquisition of a large capacity terminal in a northern port town in Colombia. As alleged in the complaint, these claims were false and misleading. SGR Energy never acquired the Colombian terminal and sustained enormous losses while leasing it; the $19 million receivable was not legitimate; and SGR Energy generated a miniscule fraction of the claimed revenue and likely never generated a profit. The SEC's complaint, filed in U.S. District Court for the Southern District of Texas (Houston Division), charges San Miguel with violating Sections 5(a), 5(c), and 17 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 against him a civil penalty, permanent injunctions, and an officer-and-director bar. The SEC's investigation was conducted by Jeffrey Cohen, Carol Stumbaugh, and Cristy Hart of the Fort Worth Regional Office and was supervised by Eric Werner and B. David Fraser. The litigation will be led by Jason Reinsch and supervised by Keefe Bernstein.OCR text (2,021c · html-text · 99% conf)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26059 / July 29, 2024 Securities and Exchange Commission v. Thomas San Miguel, No. 4:24-cv-02805 (S.D. Tex. filed July 29, 2024) SEC Charges CEO of Houston Energy Company with Fraud The Securities and Exchange Commission announced today that it filed charges against Thomas San Miguel, founder and former Chief Executive Officer of SGR Energy, Inc. ("SGR Energy"), a Houston-based fuel-blending business, for engaging in an unregistered and fraudulent securities offering. The SEC's complaint alleges that between November 2015 and December 2021, San Miguel raised approximately $21.3 million from over 300 investors nationwide through the fraudulent and unregistered offer and sale of preferred stock in SGR Energy. According to the SEC's complaint, San Miguel lured investors with claims of a 12% annual dividend, escalating revenue and profits, and a $19 million accounts receivable, in addition to SGR Energy's purported acquisition of a large capacity terminal in a northern port town in Colombia. As alleged in the complaint, these claims were false and misleading. SGR Energy never acquired the Colombian terminal and sustained enormous losses while leasing it; the $19 million receivable was not legitimate; and SGR Energy generated a miniscule fraction of the claimed revenue and likely never generated a profit. The SEC's complaint, filed in U.S. District Court for the Southern District of Texas (Houston Division), charges San Miguel with violating Sections 5(a), 5(c), and 17 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 against him a civil penalty, permanent injunctions, and an officer-and-director bar. The SEC's investigation was conducted by Jeffrey Cohen, Carol Stumbaugh, and Cristy Hart of the Fort Worth Regional Office and was supervised by Eric Werner and B. David Fraser. The litigation will be led by Jason Reinsch and supervised by Keefe Bernstein.