Tennstar Energy, Inc. f/k/a Black Gold Resources, Inc., David R. Greenlee, David A. Stewart, Jr., and Richard “Ric” P. Underwood Charged by SEC – Goodman & Nekvasil P.A. May Recover Investor Losses

Tennstar Energy, Inc. f/k/a Black Gold Resources, Inc., David R. Greenlee, David A. Stewart, Jr., and Richard “Ric” P. Underwood Charged by SEC – Goodman & Nekvasil P.A. May Recover Investor Losses

Securities and Exchange Commission Charges Tennstar Energy, Inc. f/k/a Black Gold Resources, Inc., David R. Greenlee, David A. Stewart, Jr., and Richard “Ric” P. Underwood

The Securities and Exchange Commission (Commission) filed a civil injunctive action on August 11, 2017, in the United States District Court for the Southern District of Georgia against two Tennessee men and an accomplice in Fort Lauderdale, Florida, for defrauding investors, whom they lured by false promises of high returns from an oil drilling investment opportunity.

According to the Commission’s complaint, David R. Greenlee and David A. Stewart Jr. orchestrated the $15 million scheme by recruiting and controlling a network of salesmen who offered and sold investors a stake in various companies purportedly using enhanced oil recovery techniques like fracking to extract and sell oil from wells in Kansas, Oklahoma, and Texas. According to the complaint, investors were allegedly promised profits of 15 to 50 percent per year for decades.

The Commission’s complaint alleges that Greenlee and Stewart used fake names like “Dave Johnson” when speaking to investors in order to hide their past criminal records, and they diverted nearly two-thirds of the money raised from investors to pay themselves and their salesmen as well as advertise for new investors. According to the Commission’s complaint, minimal funds were used for oil production at just a few of the wells in order to create the appearance of oil production and dupe investors who wanted to see activity in-person.

The Commission’s complaint further alleges that Richard “Ric” P. Underwood helped Greenlee and Stewart draft false offering brochures, and he oversaw a boiler room sales team of telemarketers in Florida as they solicited investors nationwide. According to the Commission’s complaint, Greenlee and Stewart operated their scheme through two Tennessee corporations, Southern Energy Group, Inc., which is now administratively dissolved, and Black Gold Resources, Inc., which later changed its name to Tennstar Energy, Inc.

Investors in Tennstar Energy, Inc. f/k/a Black Gold Resources, Inc. May Recover their Losses with Goodman & Nekvasil, P.A.

If you invested in Tennstar Energy, Inc. f/k/a Black Gold Resources, Inc., 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 Tennstar Energy, Inc. f/k/a Black Gold Resources, Inc., 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.

Investment Fraud Attorney, Stockbroker Misconduct Disciplinary Actions, Unsuitable Investment Advice, Investment Fraud, Churning, Misrepresentation and Omission of Material Facts, Elder Fraud, Unauthorized Trading, Theft, Selling Away, Unapproved Outside Business, Nationwide, PIABA, SEC, Securities Exchange Commission, NASD, National Association of Securities Dealers, NASDAQ, Dow Jones, Wall Street, New York Stock Exchange

Contact Us Today!

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