David P. Ortiz and his firm DaveGlo Investment Group, Inc. marketed oil and gas securities to retail investors across California using mass marketing and radio commercials. They sold roughly $18 million in unregistered offerings to approximately 20 investors while acting as unregistered brokers. On April 27, 2026, the Central District of California entered final judgments against both defendants. The SEC announced the resolution on May 5, 2026.
Ortiz used radio advertising to reach retail investors
Ortiz, a California resident, positioned himself as an investment adviser with access to sophisticated energy investments. He and DaveGlo Investment Group marketed unregistered oil and gas securities to the public through mass marketing channels, including radio commercials. The pitch targeted retail investors who may have been searching for alternatives to low-yield bonds and volatile public equities.
The SEC filed its complaint in the Central District of California, Case No. 2:25-cv-08610, on September 11, 2025. The complaint charged that Ortiz and DaveGlo sold securities without registration, acted as unregistered brokers, and that Ortiz failed to disclose significant conflicts of interest to his advisory clients.
What investors actually bought
The offerings were interests in oil and gas ventures, sold without a registration statement or valid exemption. Ortiz received over $800,000 in transaction-based compensation. Investors were not told about his financial conflicts. The investments were high-risk and illiquid. When the underlying projects failed to perform, many investors lost substantial sums.
| Case detail | Value |
|---|---|
| Total securities sold | ~$18 million |
| Number of investors | ~20 retail investors |
| Ortiz compensation | $800,000+ |
| SEC disgorgement | $816,934 |
| Prejudgment interest | $170,194 |
| Civil penalty (Ortiz) | $50,000 |
| Final judgment entered | April 27, 2026 |
The violations were deliberate and layered
The SEC charged violations of Sections 5(a) and 5(c) of the Securities Act of 1933 for the unregistered offers and sales. It charged violations of Section 15(a) of the Securities Exchange Act of 1934 for acting as an unregistered broker. Ortiz individually faced a charge under Section 206(2) of the Investment Advisers Act of 1940 for undisclosed conflicts of interest.
These are not paperwork violations. They reflect a business model built on bypassing regulatory safeguards. The registration process exists to force disclosure, limit risk to suitable investors, and create accountability. By operating without registration, Ortiz and DaveGlo avoided every one of those checkpoints.
Red flags that investors should watch for
Radio advertisements promoting exclusive investment opportunities are a warning sign. Legitimate registered offerings rarely advertise through mass media aimed at the general public. Oil and gas ventures are inherently speculative. When sold without a prospectus, without audited financials, and by an unregistered broker, the risk profile becomes extreme.
Investors should also demand a Form ADV for any adviser and verify the broker or firm through FINRA BrokerCheck. In Ortiz’s case, neither he nor DaveGlo was registered. The compensation he received was tied to transactions, not advisory fees, which is a classic unregistered broker arrangement masquerading as advice.
What affected investors can still do
The SEC judgment provides for disgorgement and penalties, but the money recovered by regulators does not automatically flow back to every investor harmed. Final judgments in SEC civil cases often leave investors with substantial uncovered losses. Private arbitration or civil claims may still be available, but statutes of limitation and repose are running.
Investors who were approached by Ortiz, responded to DaveGlo radio advertisements, or purchased any of these unregistered offerings should document their transactions immediately. Account statements, marketing materials, and communications with the defendants can strengthen any remaining claims.
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.
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