Litigation Releases (Charles D. Oliver; David P. Ortiz; DaveGlo Investment Group, Inc.; Kevin N. Richards)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26442 / December 15, 2025

Securities and Exchange Commission v. Charles D. Oliver, No. 6:25-civ-01754 (M.D. Fla. filed Sept. 11, 2025)

Securities and Exchange Commission v. David P. Ortiz and DaveGlo Investment Group, Inc., No. 2:25-civ-08610 (C.D. Cal. filed Sept. 11, 2025)

Securities and Exchange Commission v. Kevin N. Richards, No. 8:25-civ-02057 (C.D. Cal. filed Sept. 11, 2025)

SEC Charges Florida and California Investment Advisers with Selling Securities in Unregistered Oil and Gas Offerings

On September 11, 2025, the Securities and Exchange Commission charged Florida-based Charles D. Oliver, California-based David P. Ortiz and his entity, DaveGlo Investment Group, Inc., and Kevin N. Richards, formerly of Laguna Niguel, California, with selling securities in unregistered offerings of oil and gas securities, acting as unregistered brokers, and failing to disclose financial conflicts of interest to clients.

The SEC's complaints alleged that from at least 2020 through 2021, defendants marketed and sold investments in risky oil and gas securities to clients, many of whom lost their money.

The SEC's complaint against Oliver alleged that Oliver, a Florida-based insurance agent, marketed and sold approximately $52 million of investments in oil and gas securities to approximately 50 retail investors. The complaint alleged that Oliver used his radio show, Hidden Wealth Radio, to solicit investors, and that he received over $4.3 million in transaction-based compensation for selling the unregistered securities.

The SEC's complaint against Ortiz and DaveGlo alleged that Ortiz, a California resident, marketed and sold approximately $18 million of investments in oil and gas securities to approximately 20 retail investors. The complaint alleged that Ortiz used mass marketing, including commercials on radio broadcasts, to solicit investors, and that he received over $800,000 in transaction-based compensation for selling the unregistered securities.

The SEC's complaint against Richards alleged that Richards, a former California-based insurance agent, marketed and sold approximately $12 million of investments in oil and gas securities to approximately 25 retail investors. The complaint alleged that Richards used mass marketing, including his own radio show, to solicit investors, and that he received over $600,000 in transaction-based compensation for selling the unregistered securities.

The SEC's complaint against Oliver was filed in the United States District Court for the Middle District of Florida. The SEC's complaint against Ortiz and DaveGlo and its complaint against Richards were filed in the United States District Court for the Central District of California. The companies that sponsored the unregistered offerings of oil and gas securities, and their principals, were the subject of a prior SEC enforcement action, In the Matter of Resolute Capital Partners, LTD, LLC, et al., AP File No. 3-20597 (Sept. 24, 2021).

The complaints separately charged Oliver, Ortiz, DaveGlo, and Richards with violating Sections 5(a) and (c) of the Securities Act of 1933 and Section 15(a) of the Securities Exchange Act of 1934. Oliver, Ortiz, and Richards were also charged with violating Section 206(2) of the Investment Advisers Act of 1940. Without admitting or denying the allegations in their respective complaints, Ortiz, DaveGlo, and Richards each consented to the entry of a judgment enjoining them from violating the charged provisions; as to Ortiz and Richards, enjoining them from offering or selling securities; and as to Richards, enjoining him from acting as or associating with a broker, dealer, or investment adviser for five years. The proposed settlements are subject to approval by the court, which will also determine, at a later date, the amount of disgorgement, prejudgment interest, and civil money penalties that each defendant shall pay.

The SEC's investigation was conducted by Brian Fitzsimons and David Frisof and supervised by Brian Quinn and Michael Brennan. The SEC's litigation will be led by Mr. Fitzsimons and supervised by James Carlson.