The U.S. Securities and Exchange Commission today filed fraud charges against two securities promoters today, and it issued an investor alert concerning possible oil and gas scams.

The SEC claims that the promoters fraudulently raised US$2.2 million through sales of oil and leases to at least 70 investors. It alleges they misrepresented their ownership of wells and overstated the anticipated well production, according to the commission’s complaint, and kept a yet-undetermined amount of the money for themselves. These allegations have not been proven.

In announcing the charges, the SEC also issued an investor alert warning investors to beware of solicitations that prey on fears of higher oil and gas prices.

“Rising fuel prices make investors across the nation particularly susceptible to oil and gas scams,” said Katherine Addleman, associate district administrator for enforcement in the commission’s Fort Worth Office. “Investors are led to believe that it will be easy to profit from an oil and gas venture. However, oil and gas investments are highly speculative and complex and many unscrupulous individuals use that complexity to enrich themselves with the investors’ funds.”

In its complaint, the commission charges two firms and two individuals with violations of the antifraud provisions of the securities laws. It is also charging one individual with acting as a securities broker without being registered. The SEC is seeking against each of the defendants a permanent injunction, disgorgement plus prejudgment interest and a civil money penalty, and penny stock bars.