The Texas State Securities Board announced the conviction of David Kevin Lewis, chairman and director of field operations for Always Consulting Inc. (ACI). Lewis allegedly helped pull off a multi-million-dollar scam based on the sale of oil and gas offerings.
On Sept. 4, a U.S. District Court jury in Dallas on Sept. 4 convicted Lewis, also known as “David Shane Lewis” or “DW,” on one count of conspiracy to commit securities fraud and 23 counts of securities fraud.
This was not Lewis’ first time as a defendant. He was convicted in 2000 of federal securities fraud and conspiracy to commit mail fraud in a case involving oil and gas offerings. In 2003, the Securities and Exchange Commission prohibited him from engaging in fraud in the offer or sale of securities. In 2007, the Texas Securities Commissioner affirmed an Emergency Cease and Desist Order that found ACI, Lewis, and other company officials had engaged in fraud in the offering for sale of securities.
In the latest ACI fraud, the company promoted investment in the Rattlesnake Springs Drilling Project on the Osage Nation Reservation in Oklahoma. ACI principals reportedly misled investors about their financial ability to launch the project and their supposed influence with members of the Osage Nation.
Lewis and others at ACI used investors’ money for personal expenses and purchasing real estate, as well as other expenses unrelated to oil and gas exploration. Lewis must forfeit $2.5 million at his sentencing.