Philip S. Landis, a Reston entrepreneur who sold interests in five unregulated limited partnerships that were to drill oil and gas wells, has consented to permanent injunctions barring violations of antifraud and other provisions of the securities laws, the Securities and Exchange Commission said yesterday.
Landis was president and sole stockholder of Landis Securities Corp. (LSC), a registered broker-dealer that raised approximately $3.6 million from about 100 investors who bought interests in the limited partnerships form 1981 to 1984. He also wholly owned and controlled Landis Petroleum Crop. (LPC), which is in the business of drilling and operating gas wells.
An SEC complaint said that Landis, LSC and LPC misappropriated about $1 million of investors' monies from three of the offerings. Landis' business phone in the 11200 block of sunset Hills Road in Resoton has been disconnected, his home phone is unlisted and he could not be reached for comment.
On June 3, U.S. District Judge Albert V. Bryan in Alexandria entered consent orders barring Landis and LSC from further violations of the registration provisions of hte Securities Act of 1933, according to SEC regional administrator James C. Kennedy in Philadelphia.
The final judgments also enjoin Landis and both of his companies, which he formed in 1982, from violating certain antifraud provisions of the 1933 law and the Securities Exchange Act of 1934.
Landis, LSC and LPC all consented to the final judgments while neither admitting nor denying the allegations in the SEC's complaint.
The SEC alleged that Landis and LSC "engaged in transactions, practices and courses of business which operated as a fraud and deceit."