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[SOS] SECRETARY OF STATE CAUTIONS INVESTORS TO BE WARY OF SPECULATIVE ENERGY INVESTMENTS
Start Date: 7/5/2013 All Day
End Date: 7/5/2013
Entry Description

INDIANAPOLIS (July 5, 2013) – Secretary of State Connie Lawson today introduced an advisory to Hoosier investors regarding speculative energy investments.  With energy demands and a desire for energy independence increasing globally, investments in traditional and alternative energy resources are being promoted more often and are becoming attractive to investors and con artists alike.

 

In an investor advisory, the Securities Division of the Indiana Secretary of State’s office explains the most common ways energy investment products may be offered, why investors need to be cautious and how investors can protect themselves when considering investments in traditional or alternative energy offerings. The advisory is available here: http://www.in.gov/sos/securities/files/Energy_Investments_IN.pdf

 

“Many of these investments are highly risky and illiquid and therefore are not appropriate for many investors,” said Secretary Lawson.  “It is not unusual for unscrupulous promoters to use the lure of current events or innovative technologies to take advantage of unsuspecting investors by engaging in fraudulent practices.”

 

Secretary Lawson said promoters sometimes prey on investors interested in socially responsible products by labeling them as “green energy” investment opportunities. The phrase “green energy” implies that the products are ecologically friendly. In some cases, the promoters may be operating a fraudulent shell company and not producing anything.

 

According to the most recent enforcement survey by the North American Securities Administrators Association, of which the Secretary of State’s office is a member, oil and gas investments were the fourth most common product at the heart of state securities enforcement cases, with about 40 percent of responding jurisdictions reporting energy-related enforcement cases.

 

Recent energy-related cases in Indiana include the arrest of John M. Shamo of Evansville for allegedly selling unregistered investments in oil wells. According to court documents, Mr. Shamo allegedly solicited more than $134,000 from investors in Posey County who owned land where oil wells were located.  Posey County Prosecutor Travis Clowers filed charges against Mr. Shamo in April 2013. He is currently awaiting trial. 

 

For more information about the risks associated with energy investments, contact the Indiana Securities Division at http://www.in.gov/sos/securities/index.htm
Contact Information:
Name: Valerie Kroeger
Phone: 317-233-8655
Email: vkroeger@sos.IN.gov
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