Oklahoma CEO faces lifetime securities ban, fine in case

The Oklahoma Department of Securities has filed a civil action against Nichols Hills resident Bruce Scambler, accusing him of violating a 2009 agreement with the agency that banned him from trading securities for five years.
by Brianna Bailey Modified: March 11, 2014 at 10:22 pm •  Published: March 11, 2014

The Nichols Hills-based CEO of CanTex Energy Corp. faces a lifetime ban on selling securities in Oklahoma and a $50,000 fine from the Oklahoma Department of Securities for allegedly violating the terms of a previous agreement from the agency.

The Securities Department filed a civil action against Nichols Hills resident Bruce Scambler on Friday, accusing him of breaking the terms of a 2009 deal with state regulators that banned him from selling securities in Oklahoma for five years.

“The department has been brutally silly,” Scambler said Monday. “They should have sent out a warning letter.”

Scambler and one of his previous companies, Merrick Energy Development LLC, was sanctioned by the Securities Department in 2009. The details of the investigation that preceded the sanction were not publicly available.

Scambler also has pending criminal charges in Oklahoma County, records show. He faces a DUI charge and a felony charge of assault with a deadly weapon after he allegedly rammed his F-250 pickup into an off-duty Nichols Hills police officer’s parked, off-duty personal vehicle on Valentine’s Day in 2013.

Scambler has pleaded not guilty to the criminal charges. He declined to comment on the matter.

CanTex has offices in Oklahoma City and Dallas, according to its website. The company, which trades its stock on the over-the-counter market, explores and develops oil and gas fields in North America and also invests in wind power, according to the website.

Scambler said the new enforcement action filed Friday stemmed from a failed merger between Cantex and Oklahoma City-based company Bedford Energy. The merger was canceled in 2010, shortly after the death of Bedford Energy Chairman Harvey Bryant’s daughter, Julie Mitchell, Scambler said. Julie Mitchell, wife of underground gambling kingpin Teddy Mitchell, was found beaten to death inside her home in November 2010 and the murder has never been solved.

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by Brianna Bailey
Business Writer
Brianna Bailey has lived in Idaho, Germany and Southern California, but Oklahoma is her adopted home. She has a bachelor's degree in Journalism from the Univerisity of Oklahoma and has worked at several newspapers in Oklahoma and Southern...
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