U.S. Enjoins Texas Firm With O.C. Ties
Federal investigators said Monday that they have won a preliminary injunction in U.S. District Court in Los Angeles that prohibits a Texas company with strong Orange County ties from “further violations” of Securities and Exchange Commission regulations.
SEC investigators allege that Pampa, Texas-based Trans Terra Corp. International and several affiliated firms in Newport Beach and Irvine engaged in fraudulent activity from 1989 to 1994 in connection with the promised sale of oil and gas limited partnerships. Investigators allege that the company raised $40 million from more than 1,000 investors, most of whom are Californians.
SEC investigators previously won a temporary restraining order that prohibits several affiliated companies from transferring assets or destroying documents. The firms listed in that order are American Business Securities of Irvine; Southwest Energy Consultants Inc., Western Energy Acquisitions Inc. and MacArthur Asset Management Inc., all of Newport Beach.