Texas Monthly Securities Bulletin, July 1985 Page: 4
16 p. ; 28 cm.View a full description of this periodical.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
individual or company, obtaining leases for the company, hiring or training salespeople
and agents of the company, acquiring or assisting in the preparation of offering mate-
rials or acting as a consultant in any other manner.
CEASE AND DESIST ORDER BY CONSENTIN THE MATTER OF
ATLANTEX ASSOCIATES,
ERNEST FREDERICK LOCKAMY,
DUNN PETROLEUM, INC., A Florida
Corporation, MICHAEL DUNDEE,
STEPHEN TASHMAN, AND
ARCHIE TASHMANI
IORDER NO. CD-723
On July 8, 1985, the Commissioner issued a Cease and Desist Order by Consent against
Atlantex Associates; Ernest Frederick Lockamy; Dunn Petroleum, Inc., a Florida corpo-
ration; Michael Dundee; Stephen Tashman; and Archie Tashman, for selling unregistered
securities through unregistered dealers, intentionally failing to disclose material facts
and knowingly making misleading statements in connection with the sale of interests in an
oil and gas lease. The Commissioner found that Respondents commingled investors' funds
at the time they were representing to investors that the funds would be segregated.
Respondents further failed to disclose that the principals of Dunn Petroleum, Michael
Dundee, Stephen Tashman and Archie Tashman, had been the subjects of Cease and Desist
Orders issued by other states. Respondents represented that fiduciary controls were
maintained for all capital entrusted for investment, when in fact Ernest Frederick
Lockamy was the only person with signatory power over the bank accounts into which
investors' funds were deposited. Respondents intentionally failed to disclose that Dunn
Petroleum, Inc., which was represented as an independent operator and driller, maintains
its office at the same address as Atlantex Associates. Respondents further intentionally
failed to disclose the risks associated with oil and gas drilling ventures.
MONTHLY REPORT OF SECURITIES REGISTRATION IN TEXASA summary of individual permits issued in July, 1985, follows. The permits are permis-
sive only and do not constitute a recommendation of the State Securities Board.AARP Growth Trust
AARP Income TrustShs.
Shs.AARP Insured Tax Free Income Trust
Acorn Fund, Inc.
Active Assets Tax Free TrustAir Wis Services, Inc.
Alliance Bond FundAlliance Government Reserves
Allied Purchasing CompanyShs. benef. ints.
Shs.
Shs. benef. ints.
Conv. sub. debs.Shs.
Shs. cap. stock
Shs. com. stock4
Upcoming Pages
Here’s what’s next.
Search Inside
This issue can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Periodical.
Texas. State Securities Board. Texas Monthly Securities Bulletin, July 1985, periodical, August 1985; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1588734/m1/4/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.