SEC v. Thomas San Miguel — U.S. Securities and Exchange Commission Litigation Release No. 26436, dated December 11, 2025.
The SEC charged Thomas San Miguel, CEO of SGR Energy, with conducting an unregistered and fraudulent securities offering. He allegedly raised $21.3 million from over 300 investors by making false claims about dividends, revenue, and company assets. San Miguel consented to a final judgment permanently barring him from future securities law violations and ordering him to pay a $700,000 penalty.
Imagine someone selling shares in their company, like selling slices of a pizza business. This person, Thomas San Miguel, told people his pizza business was doing great, promising big profits and a steady income (like a 12% yearly dividend). He also claimed to have a lot of money owed to him and big plans to expand. In reality, he was lying about how well the business was doing and sold shares without following the proper rules. The court has now ordered him to stop doing this, banned him from running companies, and made him pay a penalty.
Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.
On November 30, 2025, the U.S. District Court for the Southern District of Texas entered a final judgment against Thomas San Miguel, founder and former Chief Executive Officer of SGR Energy, Inc., for engaging in an unregistered and fraudulent securities offering. The SEC’s complaint, filed on July 29, 2024, alleged that San Miguel raised approximately $21.3 million from over 300 investors nationwide through the fraudulent and unregistered offer and sale of preferred stock in SGR Energy. San Miguel consented to the entry of a final judgment that permanently enjoins him from violating securities laws, imposes a conduct-based injunction and an officer-and-director bar, and orders him to pay a $700,000 civil penalty.
Named in this action: Thomas San Miguel.