COLUMBUS — A Texas oil and gas company and two executives have been ordered to repay $1.9 million to investors in Ohio, Kentucky and Indiana in connection with the sale of unregistered securities meant to finance oil and gas drilling operations in Texas.
North Shore Energy, based in Austin, and principal Troy West pleaded guilty last week in Butler County, Ohio, Common Pleas Court to charges of securities fraud and the sale of unregistered securities. Company solicitor Robert McManus of West Chester pleaded guilty to the sale of securities without a license and the sale of unregistered securities.
The convictions stem from promissory notes sold by the company in 2010 and 2011 to least 18 investors.
West also was sentenced to six years in prison, and McManus received a five-year prison sentence.