Cases / Energy & alternative assets
James Ikey, John Muratore, Thomas Brad Pearsey, Rustin Brunson, Manjit Singh (aka Roger) Sahota
This entry summarizes public reporting and government filings. Charges and civil complaints are allegations unless a court has entered a conviction or judgment — check the source for the current status.
- Company / entity
- The Heartland Group Ventures LLC, Heartland Production and Recovery LLC, Heartland Production and Recovery Fund LLC, Heartland Production and Recovery Fund II LLC, The Heartland Group Fund III LLC, Heartland Drilling Fund I LP, Carson Oil Field Development Fund II LP, Alternative Office Solutions LLC, ArcoOil Corp, Barron Petroleum LLC
- Industry
- Oil and gas funds (unregistered debt and equity offerings)
- How investors were recruited
- Paid "finders" (some previously barred by FINRA) solicited investors; investors were taken on a drill-site field trip.
- Pitch & red flags
- touted oil production revenue from wells that had produced nothing; inflated reserve report and gas well projections; debt-fund investors paid ~$26M in "interest" from other investors' money
Source
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