On December 16, 2013, the SEC filed a complaint against Leon Ali Parvizian and his two companies, Arcturus Corporation and Aschere Energy LLC, alleging that they fraudulently offered and sold securities "in the form of interests in oil and gas joint ventures."
Also, promoters Alfredo Gonzalez, AMG Energy, LLC , Robert Balunas, and R. Thomas and Co, LLC, have been charged "with violations of the securities offering and broker-dealer registration provisions of the federal securities laws." According to the SEC's complaint they acted as unregistered broker-dealers and sold unregistered securities.
The complaint goes on to say that the defendants raised nearly $22 million from investors, but "only $7.9 million, or 36 percent, of the money raised" was used to drill oil and gas wells. The remainder of the money was used on "non-JV related expenses, including legal fees." The SEC has charged the defendants with violating various provisions of the securities laws and seeks permanent injunctions, disgorgement, prejudgment interest, and civil penalties.
(Litigation Release No. 22891)
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