Texas secures guilty plea in Midland oil-and-gas investment fraud case
The Texas State Securities Board reports a criminal conviction in a Midland County securities fraud case involving fraudulent oil-and-gas investment solicitations. For enforcement and compliance leads, it illustrates how misrepresentations about escrow protection and undisclosed liabilities translate into criminal liability, and how the state securities regulator supplies a special prosecutor to local district attorneys to close these cases.
- Teddlie pleaded guilty to securities fraud and theft in Cause No. DCR-26-00561 in Midland County's 238th Judicial District Court.
- His 10-year sentence was suspended and replaced with eight years' community supervision, plus $75,000 in upfront restitution.
- Teddlie falsely represented that investor funds would remain in an attorney escrow account during the sale.
- He failed to disclose prior civil judgments, outstanding federal tax liens and pending criminal indictments at the time of solicitation.
- The scheme was promoted through KCET Consulting Advisors LLC and Dakota Petroleum Group LLC.