Texas-based Investment Company Cited for Tennessee Securities Violation

Friday, March 17, 2017 | 08:54am

NASHVILLE – The Tennessee Department of Commerce & Insurance (TDCI) Securities Division took steps on behalf of Tennessee consumers with disciplinary action against a Dallas, Texas oil and gas investment business and its principals who were in violation of the Tennessee’s securities laws.

TDCI cited Domestic Development Co. (also known as Energy Revenue America, LLC) and its agents Charles Havens Sr. and Ray Karl Hobbs for multiple violations against a Tennessee investor, including: selling securities that were not registered; selling securities without being registered as a broker-dealer or investment adviser; and engaging in a scheme to defraud an investor.

“The Department is committed to protecting Tennessee consumers from investment fraud,” said TDCI Assistant Commissioner for Securities Frank Borger-Gilligan. “We will continue to identify and investigate those found breaking the state’s security laws. We urge consumers to contact us if they believe they have been the victim of fraud.”

A Final Order imposes $50,000 in civil penalties against Domestic Development Co., Havens Sr. and Hobbs, and permanently bars them from any further conduct as a broker dealer, agent of a broker-dealer, investment adviser, or investment adviser representative in the State of Tennessee.

Tennesseans are encouraged to visit TDCI’s website where they can inspect disciplinary actions and verify licenses of securities and insurance professionals.

If you suspect that you might be a victim of securities or insurance fraud, or if you would like to file a complaint or speak with an investigator, please contact the Tennessee Securities Division – Financial Services Investigations Unit at (615) 741-5900. To file a complaint online, visit https://tn.gov/commerce/article/securities-file-a-complaint.