Bobby Lynn Teddlie of Midland, Texas Convicted of Securities Fraud and Theft

MIDLAND, TEXAS - The Texas State Securities Board announced today that Bobby Lynn Teddlie entered a guilty plea to securities fraud and theft in Cause No. DCR-26-00561 in the 238th Judicial District Court of Midland County, Texas. Teddlie was sentenced to 10 years in the Texas Department of Criminal Justice; however, the sentence was suspended, and he was placed on community supervision for a period of eight years. As part of the plea agreement, Teddlie was ordered to pay $75,000 in upfront restitution.

The case arose from a fraudulent investment scheme promoted through KCET Consulting Advisors LLC and Dakota Petroleum Group LLC. During the sale of the investment, Teddlie misrepresented the safety of the offering by falsely stating that investor funds would remain in an attorney escrow account. He also failed to disclose multiple material facts, including prior civil judgments, outstanding federal tax liens, and pending criminal indictments against him at the time of the investment solicitation.

The Texas State Securities Board conducted the investigation. The Midland County District Attorney's Office prosecuted the case, with Texas State Securities Board enforcement attorney Angela Cole appointed as a special prosecutor. The agency extends its appreciation to the Midland County District Attorney's Office for its collaboration and commitment to bringing this matter to resolution.

"Fraudulent investment schemes undermine confidence in our financial markets and harm hardworking Texans. This case demonstrates the importance of strong collaboration among state agencies to protect investors. I appreciate the diligent work of our enforcement team and the Midland County District Attorney's Office in securing this result and ensuring that those who violate the law are held accountable," emphasized Texas Securities Commissioner Jeramy Heintz.

For additional information, please contact the Enforcement Division of the Texas State Securities Board at Division at [email protected] or 512-305-8392.