The Securities and Exchange Commission has charged Thomas J. Moore, III of D’Iberville, Mississippi with misappropriating approximately $1.94 million from roughly 20 investors who bought equity in Mississippi Green Oil, LLC, a Prentiss-based medical marijuana company he controlled. The SEC filed its complaint on September 30, 2026, in the U.S. District Court for the Southern District of Mississippi and announced the case in Litigation Release No. 26663 on October 1, 2026.
What happened in the Mississippi Green Oil case
According to the SEC’s complaint, Moore raised approximately $4.94 million from investors between December 2021 and August 2024. He established Mississippi Green Oil in or around December 2020 and sold equity interests in the company, telling investors their money would develop the medical marijuana business.
Instead, the SEC alleges Moore spent about $1.94 million of investor funds on personal expenses unrelated to the business, including jewelry and travel. He also promised investors short-term profit distributions tied to their equity stakes. No distributions were ever paid, the complaint states.
Key facts from the SEC complaint
| Metric | Figure |
|---|---|
| Total amount raised | Approximately $4.94 million |
| Amount misappropriated | Approximately $1.94 million |
| Number of investors | Approximately 20 individuals |
| Alleged scheme period | December 2021 to August 2024 |
| Company | Mississippi Green Oil, LLC (Prentiss, Mississippi) |
| Court case | No. 1:26-cv-00286-LG-BWR (S.D. Miss., filed Sept. 30, 2026) |
How the alleged scheme worked
Moore presented Mississippi Green Oil as a developing medical marijuana company and told investors their capital would fund business growth. The complaint alleges he diverted nearly 40 percent of the total raise to personal spending instead.
The complaint also alleges Moore failed to disclose related lawsuits filed by other Mississippi Green Oil investors. Those suits claimed, among other things, that Moore failed to return principal and pay promised distributions. Prospective investors never learned about that litigation, according to the SEC.
Red flags investors should recognize
Several warning signs in this case recur in private placement fraud. Promises of short-term profit distributions tied to equity ownership rarely survive contact with business reality. Undisclosed litigation against a promoter is a material fact that must reach any new investor before capital changes hands.
Concentration of control also mattered here. Moore primarily owned and controlled the company, which meant the person soliciting funds also decided how they were spent. Investors in private companies run by a single controlling figure should request audited financial statements and independent verification of how capital is deployed.
What Mississippi Green Oil investors can do now
The SEC seeks a permanent injunction, a conduct-based injunction, disgorgement with prejudgment interest, and a civil penalty against Moore. The charges are allegations, and the litigation remains pending before the court.
Investors who put money into Mississippi Green Oil, LLC between December 2021 and August 2024 should gather their subscription agreements, payment records, and any correspondence with Moore. Those documents matter for both the SEC’s case and any private recovery claim. State court lawsuits filed by earlier investors may also affect the timeline for recovery.
Haselkorn & Thibaut fights for investor recovery
Haselkorn & Thibaut is a securities law firm founded by former Wall Street defense attorneys who shifted their practice to represent investors. The firm has recovered over $520 million for clients in securities matters and maintains a 98 percent success rate in resolved nontraded REIT cases. Attorneys are AV Preeminent rated through Martindale-Hubbell, designated as Super Lawyers, and hold a 5.0-star client review average. The firm operates on a contingency basis — no recovery, no fee.
Contact Haselkorn & Thibaut today
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