Bobby Lynn Teddlie entered a guilty plea to securities fraud and theft in Midland County District Court, receiving a 10-year sentence that was suspended in favor of eight years of community supervision, the Texas State Securities Board announced.
As part of the plea agreement, Teddlie was ordered to pay $75,000 in upfront restitution.
The case involved a fraudulent investment scheme promoted through KCET Consulting Advisors LLC and Dakota Petroleum Group LLC. 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, according to the board.
The Texas State Securities Board conducted the investigation, and the Midland County District Attorney's Office prosecuted the case, with Texas State Securities Board enforcement attorney Angela Cole appointed as a special prosecutor.