On Oct. 26, Secretary of State Michael Watson and the Securities Division of the Mississippi Secretary of State’s Office issued an order against Stephone N. Patton. According to the order, Patton is a serial fraudster with multiple criminal convictions in Mississippi and Florida. Through business filings with the SEC and Mississippi, Patton holds himself out to be the CEO of various companies, including:
Star Oil and Gas Company, Inc.
North Gulf Energy Corporation, Inc.
Patton Oilfield Services, Inc.
Patton Farms, LLC.
Using these business filings and company websites, Patton claimed to have raised hundreds of billions of dollars through investment opportunities. The order finds Patton induced investors to purchase shares in his companies by promising investors substantial investment returns, monthly payments, and board member positions.
Through investigative efforts and collaboration with the SEC, the Division discovered none of Patton’s companies are operational, have any assets, or generate any revenues. Account records show Patton spent investors’ funds almost as soon as he received them on personal expenses. The total amount of known investments made to Patton’s fraudulent companies is over $80,000. None of Patton’s investment offerings have been registered or notice filed with the Mississippi Secretary of State’s Office. Patton continues to skirt all investor requests to return funds.
This order requires Patton to cease and desist from offering investments with his companies, requiring Patton to permanently deactivate his companies’ websites to prevent any further dissemination of his false or misleading information. Patton is also ordered to pay an administrative penalty of $25,000 to the Mississippi Secretary of State’s Office for these violations, in addition to restitution owed to all his Mississippi investors.
Watson encourages investors to contact the Secretary of State’s Securities Division if they suspect they have been targeted by Patton. For questions or concerns, please contact the Secretary of State’s Securities Division at 601-359-1334 or securities.customerservice@sos.ms.gov.
