February 27, 2015- Columbia, South Carolina
The Securities Commissioner of the State of South Carolina has filed an Order to Cease and Desist against a Garland, Texas, Company and one of its promoters , to halt sales of unregistered oil and gas investments in South Carolina and assessing fines.
Cannon Operating Company, LLC, a Texas limited liability company and John Griffin, an employee of Cannon, both located at 3200, Suite 220, Garland, Texas, are alleged to have solicited a resident of South Carolina to invest in an oil well project located in Louisiana.
The South Carolina Order alleges that Cannon’s website ( http://www.cannonoperating.info/ ) “offers industry level opportunities to the individual investor” with the goal of helping investors “increase (their) wealth”. The South Carolina regulators allege that Canon failed to provide a prospectus, private placement memorandum or offering document of any kind and failed to disclose that on May 7, 2013, Cannon had been the subject of a final order from the Texas Railroad Commission canceling Cannon’s Certificate of Compliance and severing its pipeline and other carrier connections in the State of Texas.
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