A wedding on a cruise ship, investments in the jade industry in Guatemala, and a private jet: Those are just some of the things investors who thought they were getting rich in the oil industry paid for instead. Two Securities and Exchange Commission lawsuits filed last month against Ponzi-style scammers selling fraudulent investments in the biggest oilfield in the U.S. show how the American oil and gas boom really is the Wild West.
What’s remarkable about this case is that a lot of this information is pretty easy to fact check. The suit said that Heartland’s owners didn’t bother to look up the supposedly super-productive wells they were selling to investors on the Texas Railroad Commission website, which would have shown them that neither of the wells had been finished or actually produced barrels of anything, let alone oil.
None of that seemed to matter. For the next three years, according to the suit, Heartland kept raising millions of dollars from investors in various funds, ostensibly for shares in different super-productive wells in the Permian . The defendants used much of that money to allegedly pay off other investors to keep the scheme going.
Remarkably, according to the suit, Heartland’s owners seemingly continued to not do any due diligence on their business partner or check the public information about the oil and gas production of any of the wells themselves, even as Sahota refused to share copies of invoices or information about the wells. In reality, the wells generated less than $500,000 in revenue.
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