Houston American Energy Corp, am exploration and production company has been charged by the United States Securities and Exchange Commission for allegedly making fraudulent claims about Colombian exploration concessions. The company claimed its interest was worth $100 per share to stockholders but the SEC says that lacked reasonable basis.
The SEC also says that the company and its CEO used third parties to publicize the misleading claims. The order also charges stock promoter Kevin McKnight and his firm, Undiscovered Equities Inc., which the SEC alleges Houston American paid to disseminate the fraudulent claims about the project in Colombia.
Jeffrey Newman represents whistleblowers