Texas Pecan CO-OP May Be Guilty of Securities Fraud

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The Texas based pecan CO-OP run by DeWayne McCasland owner of Pecans.com and SNT Equipment, has come under much scrutiny by pecan growers from around the US since the CO-OP refuses to pay any of its growers for their pecans for more than five years now, claiming that the “pecan market is dead”. Pecan growers involved with the Texas Pecan CO-OP have been very patient with the CO-OP giving ample time for Navarro Pecan Company to sell the pecans and pay the growers for their crop. Unfortunately, that has never happened, to make matters worse Dewayne McCasland claimed to have stepped down from the CO-OP, however when contacted the CO-OP claims that “only DeWayne can speak about the unpaid balances to growers and he is no longer with Pecan Producers Inc.” The irony of the claim is that the CO-OP is run out of DeWayne McCasland’s office, the same office that Mr. McCasland runs Pecans.com and SNT Equipment Company from. You may recognize these companies from their monthly advertisements in the Pecan South magazines. The same magazine that Mr. McCasland previously advertised the Pecan CO-OP, Pecan Producer Inc. in.

The Oklahoma Securities Commission and the Texas Securities Commission are now asking any pecan growers who have been involved with Pecans.com, SNT Equipment, or Pecan Producers Inc. to contact the Securities Commission’s in both Oklahoma and Texas to report the pecan claims. The concern with asking for only growers involved with Pecan Producer Inc. is that Mr. McCasland also runs a pecan buying point at the same location and a pecan retail, wholesale and shelling plant and it is suspected that Mr. McCasland may be moving pecans through various different companies. This suspicion has now been compounded by the refusal of Mr. McCasland or anyone at the pecan CO-OP to release financial records to any of its members. Several Pecan Producer Inc member have requested financials from the pecan CO-OP and the pecan CO-OP has continued to refuse the request. That in itself is a violation of the CO-OP’s own policy set forth it its bylaws.

We have provided a link to the Oklahoma Securities Commission Webpage and the Texas Securities Commission Webpage below.