Radio Ads, $18 Million in Oil and Gas Sales and Undisclosed Conflicts: California Adviser and DaveGlo Ordered to Pay in SEC Case

Published Oct. 12, 2026. Case statuses are current as of that date. This article is based only on documents published by the U.S. Securities and Exchange Commission.

Investment advisers owe their clients a duty of loyalty: when they recommend something, clients are entitled to know if the adviser gets paid extra for it. According to the Securities and Exchange Commission, a California adviser sold millions in oil and gas investments to retail investors while collecting commissions he didn't disclose to his advisory clients.

On April 27, 2026, the U.S. District Court for the Central District of California entered final judgments against David P. Ortiz and his company, DaveGlo Investment Group, Inc. [1].

Important: Ortiz and DaveGlo consented to the judgments without admitting or denying the allegations [1]. The SEC did not charge them with Securities Act or Exchange Act fraud; the charges were unregistered sales, acting as unregistered brokers and, for Ortiz, failing to disclose conflicts to advisory clients.

What the SEC alleged

According to the SEC's complaint, filed Sept. 11, 2025, as summarized in its release [1]:

• Ortiz, a California resident, marketed and sold about $18 million of investments in oil and gas securities to about 20 retail investors.
• He used mass marketing, including commercials on radio broadcasts, to find investors.
• He received more than $800,000 in transaction-based compensation for selling the unregistered securities.
• As to Ortiz, he failed to disclose financial conflicts of interest to advisory clients.

The release does not name the oil and gas companies whose securities were sold, and we do not suggest wrongdoing by them.

How the case ended

• Dec. 19, 2025: Without admitting or denying the allegations, Ortiz and DaveGlo consented to judgments imposing injunctive relief [1].
• April 27, 2026: The court entered final judgments that [1]:
  • permanently enjoin Ortiz and DaveGlo from violating Section 5 of the Securities Act (registration of offerings) and Section 15(a) of the Exchange Act (broker registration);
  • permanently enjoin Ortiz from violating Section 206(2) of the Investment Advisers Act and from participating in the issuance, purchase, offer or sale of any security, except for his own personal account; and
  • order Ortiz and DaveGlo, jointly and severally, to pay $816,934 in disgorgement and $170,194 in prejudgment interest, and order Ortiz to pay a $50,000 civil penalty.

The case is SEC v. David P. Ortiz and DaveGlo Investment Group, Inc., No. 2:25-cv-08610, U.S. District Court for the Central District of California. The release does not mention a parallel criminal case [1].

Why an adviser's commissions matter

A registered investment adviser is typically paid a fee to give advice in the client's best interest. A broker is paid per sale. When one person does both without telling clients, a client may believe they're getting neutral advice when the adviser actually earns a commission on each product sold. Section 206(2) of the Advisers Act, which Ortiz is enjoined from violating, prohibits advisers from engaging in practices that operate as a fraud or deceit on clients, including failing to disclose such conflicts.

Ask any adviser recommending a private investment: Do you or your firm receive any payment from the issuer or anyone else if I buy this? Get the answer in writing.

What a consent judgment means

This is a civil case brought by the Securities and Exchange Commission, not a criminal prosecution. The SEC cannot send anyone to prison; it asks a federal judge for orders such as injunctions, repayment of allegedly ill-gotten gains (called disgorgement), interest on that money, civil penalties and industry bars.

A consent judgment is an order a judge has signed after the defendant agreed to its terms. In SEC settlements, defendants typically agree without admitting or denying the allegations. The judgment is binding and enforceable, but it is not a finding by a court that the allegations are true and it is not a criminal conviction.

Red flags to watch for

• Investment pitches in radio commercials.
• Advisers selling private products they get paid on.
• Large private oil and gas investments recommended as a big share of your savings.
• No written disclosure of compensation.

What to do if you invested

1. Keep every record: account statements, promissory notes, subscription agreements, emails, texts, wire confirmations and screenshots of websites or videos.
2. Report it to the SEC at sec.gov/tcr.
3. Check who you are dealing with. Before investing, search the person and firm on the SEC's Investor.gov adviser search and FINRA's BrokerCheck.
4. Beware of "recovery" offers. People who lost money in investment frauds are often contacted by scammers who promise to recover it for an upfront fee. Government agencies and court-appointed receivers do not charge victims to file claims.

Case status (as of Oct. 12, 2026)

Defendant	Court	Status as of Oct. 12, 2026	Source
David P. Ortiz, California	U.S. District Court, C.D. Cal. (No. 2:25-cv-08610)	Final judgment April 27, 2026 (consent, without admitting or denying): injunctions, offering bar, $816,934 disgorgement + $170,194 interest (joint), $50,000 penalty	[1], [2]
DaveGlo Investment Group, Inc.	Same	Final judgment April 27, 2026: injunctions; joint disgorgement and interest	[1], [2]

Statuses can change. An SEC complaint contains allegations, and a settlement without admitting or denying them is not a finding of wrongdoing.

Sources

1. U.S. Securities and Exchange Commission, Litigation Release No. 26549, "SEC Obtains Final Judgment as to Investment Adviser and his Entity in Alleged Unregistered Oil and Gas Offerings," May 5, 2026. https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26549
2. Final Judgments – David P. Ortiz and DaveGlo Investment Group, Inc., linked from Litigation Release No. 26549. https://www.sec.gov/files/litigation/litreleases/2026/judg26549-ortiz.pdf

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Corrections and updates: If you are named in this article, or represent someone who is, and believe anything here is inaccurate or out of date (including a dismissal, a court ruling on a proposed judgment, or any other change in case status), please contact us at editorandchief@scammers.com. We will review it and update the article promptly.