Pacific Texas Pipeline Corp

The Securities and Exchange Commission has accused a Long Beach man of committing stock fraud while raising about $2 million for a long-projected oil pipeline from Southern California to Texas. A suit filed last week in U.S. District Court here named as defendants Cecil R. Owens and Pacific & Texas Pipeline & Construction Co., which he founded and which he heads. Both Owens and the company consented to entry of permanent injunctions without admitting or denying the allegations in the complaint.

The Securities and Exchange Commission has accused a Long Beach man of committing stock fraud while raising about $2 million for a long-projected oil pipeline from Southern California to Texas. A suit filed last week in U.S. District Court here named as defendants Cecil R. Owens and Pacific & Texas Pipeline & Construction Co., which he founded and which he heads. Both Owens and the company consented to entry of permanent injunctions without admitting or denying the allegations in the complaint.