The host of a brokered-time show airing on News-Talk radio stations has been charged with fraud by the SECURITIES AND EXCHANGE COMMISSION.
MARK PLUMMER was among six individuals and companies charged with securities fraud in an SEC complaint filed in U.S. DISTRICT COURT in DALLAS. The complaint alleges that while PLUMMER and his company RICHMOND ENGINEERING, INC. were under investigation for an earlier fraudulent scheme, they launched a new scheme in which PLUMMER used the radio show to steer listeners to invest in a company, PETROLEUM RESOURCES OF TEXAS, that was owned by one of his former salesmen, MIKE BARRERA, without disclosing the relationship. The SEC complaint also alleges that BARRERA took funds from the investments for shopping sprees, posting bail, paying PLUMMER, and paying earlier investors in an alleged Ponzi scheme. The scheme raised over $7 million from 70 investors. BARRERA and additional defendants TODD PRINCE, GEORGE RAUCH, and TODD BREITLING were also charged with soliciting and selling securities without proper broker registration.
The SEC is looking for permanent injunctions against PLUMMER and BARRERA and is seeking a ban against the two becoming corporate officers or directors.
PLUMMER’s “SMART OIL & GAS SHOW” originated, according to the show’s intro…