Is Lawrence W McGary under investigation by the SEC?

Answer 1

Here are some links:

This one is from 1998:

Lawrence W. McGary (Registered Representative, San Antonio, Texas) submitted an Offer of Settlement pursuant to which he was censured, fined $80,000, and suspended from association with any NASD member in any capacity for one year. Without admitting or denying the allegations, McGary consented to the described sanctions and to the entry of findings that he sold shares of stock to public customers and failed to disclose to the customers and his member firm the total remuneration he received or would receive from the transactions.

http://www.finra.org/web/groups/industry/@ip/@enf/@da/documents/disciplinaryactions/p007558.pdf

This one is from 1995:

Contact: Marilyn Scanlan Bureau Chief Securities Bureau (208) 332-8004 NEWS RELEASE For Immediate Release July 28, 1995 SUPREME COURT AFFIRMS JUDGMENT IN OIL AND GAS INVESTMENT SCHEME Boise, Idaho . . . . Gavin M. Gee, Acting Director of the Idaho Department of Finance, today announced that the Idaho Supreme Court affirmed a judgment and permanent injunction against Lawrence W. McGary, formerly of Sun Valley, Idaho. In January, 1994, the district court in Hailey found that McGary had violated the Idaho Securities Act and engaged in fraudulent activities. McGary was enjoined from further violations. McGary appealed the court judgment and its findings of violations. The Idaho Supreme Court rejected McGary's claims of error and his assertions that his conduct was not subject to the law. The Court opinion written by Chief Justice McDevitt: 1. Ruled that since McGary did not submit evidence to the trial court supporting his claim of exemption, the trial court properly gave judgment to the Department. 2. The law requires full disclosure to investors without requiring the state to prove that McGary intended to defraud investors. 3. Sales of securities qualify as a non-public offering (and are therefore exempt) only if full information is given to purchasers and the investors are sophisticated enough to fend for themselves. Otherwise, the offering must be registered and a prospectus prepared. 4. McGary's failure to disclose risks of the offering and the fact that the securities were not registered was "securities fraud in violation of [Idaho Securities Act]." The case centered around efforts by McGary, Shama Resources L.P., and Maranatha Management Corporation to sell limited partnership interests to investors in Idaho, Texas and Florida. McGary was the General Partner of Shama and President of Maranatha Management Corporation. A lawsuit filed by the State in 1989 charged that the three defendants solicited investors to purchase mining investments and promissory notes which later proved to be worthless. Judgments were obtained against Shama and Maranatha in 1991. Only Mr. McGary appealed to the Supreme Court. The Department of Finance advises all individuals when making investments in securities to deal with licensed brokerage firms and to exercise caution in making investment decisions. * * * http://finance.idaho.gov/PR/Archive/1995/mcgary.pdf

This is from 1991: http://news.Google.com/newspapers?nid=1314&dat=19910130&id=TzwVAAAAIBAJ&sjid=YggEAAAAIBAJ&pg=3679,5279002

It details how he bilked investors out of 4 million dollars.

Here is additional information on meeting with the Elko, Nevada city council. The minutes contain info on his plans for drilling and exploring oil leases, etc. http://www.ci.elko.nv.us/administration/Minutes/03-10-2009.pdf

Not sure what to think about him and this company. Doesn't seem like his past is very upright.