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RADIO SHOW SHILL SOLD MILLIONS IN WORTHLESS OIL STOCKS!

  
December 15, 2025


  
  

    

      
      

    

  




  



        


SEC v. Charles D. Oliver, David P. Ortiz, DaveGlo Investment Group, Inc., et al. — U.S. Securities and Exchange Commission Litigation Release No. 26442, dated December 15, 2025.


The SEC charged three individuals and one entity with selling unregistered oil and gas securities. These defendants allegedly acted as unregistered brokers and failed to disclose financial conflicts of interest to clients, leading many investors to lose their money. Some defendants have agreed to settlements, including injunctions and potential monetary penalties.




In Plain English
Imagine someone selling you a special "treasure map" that promises riches from finding oil. They didn't tell you they weren't allowed to sell these maps, and they didn't tell you they'd get a big commission if you bought one. Many people bought these maps, hoping to get rich, but ended up losing all their money because the "treasure" wasn't real or the map seller wasn't authorized. Now, a referee (the SEC) is stepping in to stop this and make things right.
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.


How the Alleged Scheme Worked
  1. Marketed Risky Investments From at least 2020 through 2021, defendants Charles D. Oliver, David P. Ortiz, his entity DaveGlo Investment Group, Inc., and Kevin N. Richards marketed and sold investments in risky oil and gas securities to retail investors.
  2. Used Public Platforms for Solicitation Charles D. Oliver used his radio show, 'Hidden Wealth Radio,' to solicit investors. Kevin N. Richards also used his own radio show for mass marketing. David P. Ortiz utilized mass marketing, including commercials on radio broadcasts.
  3. Sold Unregistered Securities The investments sold were in unregistered oil and gas securities offerings sponsored by entities like Resolute Capital Partners, LLC and Homebound Resources, LLC. These offerings were the subject of a prior SEC enforcement action.
  4. Acted as Unregistered Brokers The defendants acted as brokers selling these securities but were not registered to do so. This means they bypassed regulatory oversight designed to protect investors.
  5. Failed to Disclose Conflicts The defendants failed to disclose financial conflicts of interest to their clients. This includes not revealing the transaction-based compensation they received for selling the securities.
  6. Collected Substantial Compensation Charles D. Oliver received over $4.3 million in transaction-based compensation. David P. Ortiz received over $800,000, and Kevin N. Richards received over $600,000 for selling these unregistered securities.
  7. Raised Millions for Investors Oliver marketed and sold approximately $52 million in investments. Ortiz and DaveGlo marketed and sold approximately $18 million, and Richards marketed and sold approximately $12 million, totaling about $82 million.
  8. Caused Investor Losses Many of the retail investors who purchased these risky oil and gas securities ultimately lost their money, as alleged in the SEC's complaints.


The Enforcement Action
On September 11, 2025, the SEC charged Charles D. Oliver, David P. Ortiz, DaveGlo Investment Group, Inc., and Kevin N. Richards with selling unregistered oil and gas securities, acting as unregistered brokers, and failing to disclose financial conflicts of interest. The complaints alleged that from 2020-2021, defendants marketed and sold these securities to retail investors, many of whom lost their money. Oliver allegedly sold $52 million, Ortiz/DaveGlo $18 million, and Richards $12 million. Oliver, Ortiz, and Richards were also charged with violating the Investment Advisers Act of 1940. Without admitting or denying the allegations, Ortiz, DaveGlo, and Richards consented to judgments enjoining them from violating charged provisions, with Ortiz and Richards also enjoined from offering/selling securities, and Richards enjoined from acting as a broker/dealer/investment adviser for five years. The proposed settlements are subject to court approval, which will also determine disgorgement, interest, and penalties.


Named in this action: Charles D. Oliver, David P. Ortiz, DaveGlo Investment Group, Inc., Kevin N. Richards.


Original SEC litigation release ↗ · Browse all cases