Kentucky-Tennessee 50 Wells/400 BBLPD Block, Limited Partnership (K-T 50 Wells) – SEC Announces Charges | Goodman & Nekvasil P.A. May Recover Investor Losses
According to the SEC:
The Securities and Exchange Commission announced charges against a purported oil well company, its founders, and three salespeople in connection with a $2.4 million offering fraud.
The SEC’s complaint, filed in U.S. District Court for the Central District of California, alleges that from approximately May 2014 to February 2016, Kentucky-Tennessee 50 Wells/400 BBLPD Block, Limited Partnership (K-T 50 Wells) fraudulently offered and sold unregistered securities to investors using a boiler room operation, raising approximately $2.4 million from 41 investors nationwide. The complaint further alleges that Carol J. Wayland and her son, John C. Mueller, founded and operated K-T 50 Wells and conducted the offering through two other entities that they owned and controlled, HP Operations, LLC and C.A.R. Leasing, LLC. To solicit investors, Wayland and Mueller allegedly set up a boiler room under the fictitious name of “Sahara Wealth Advisors” where they employed numerous salespeople, including Mitchell B. Dow, Barry Liss, and Steve G. Blasko, all of whom allegedly had prior experience working in boiler rooms.
According to the SEC’s complaint, K-T 50 Wells was supposed to develop and operate oil wells, but had little legitimate business activity. Wayland and Mueller allegedly misappropriated K-T 50 Wells investor money for purposes not disclosed in the K-T 50 Wells private placement memorandum, taking at least $871,463, or 36%, to pay for their personal expenses, and using investor money to make Ponzi payments to certain other K-T 50 Wells investors. The complaint also alleges that K-T 50 Wells made misrepresentations regarding Wayland and Mueller’s experience managing oil and gas investment projects, as well as the amount of returns that investors would receive.
Investors in K-T 50 Wells May Recover their Losses with Goodman & Nekvasil, P.A.
If you invested in K-T 50 Wells, Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
If you incurred investment losses in K-T 50 Wells and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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