The international securities and investment law firm Levin Law, P.A. (“Levin Law”) is investigating claims related to an alleged oil-and-gas-related fraudulent scheme. On May 3, 2023, the U.S. Securities and Exchange Commission (SEC) filed an emergency action against multiple parties alleging wrongdoing. Over 500 investors are believed to have invested in the scam, which reportedly raised in excess of $155 million.
Investors who have invested with Clean Energy Technology Association, Inc. (“CETA”) or Freedom Impact Consulting, LLC (“FIC”) are strongly encouraged to contact Levin Law for a free case evaluation. Levin Law founder and managing attorney Brian Levin can be reached directly at (305) 402-9050 or via email at firstname.lastname@example.org.
On May 3, 2023, the SEC filed an emergency action against Roy W. Hill, Eric N. Shelly, and two entities they control. The two entities, CETA and FIC, were reportedly part of a fraudulent scheme that raised over $155 million from more than 500 investors across the country. The alleged fraud occurred began in December 2019 when Hill and Shelly began soliciting investors. Investors were promised returns from the revenues that the companies earned.
As reported in the complaint filed by the SEC, the claims made to investors were false and backed by false financial statements. Investors were lured by fake contracts between ExxonMobil Corporation and other major oil and gas companies, promises of patents that did not exist, and money that was paid from new or existing investors.
Among the allegations by the SEC is that Hill and Shelly made material misrepresentations to entice investors. Misrepresentations include the misuse of investor funds and the fabrication of production revenue.
Bank records indicate that no revenue from business operations has been generated by Hill or the company he controls, CETA. Instead, returns were paid from funds received by new or existing investors. Despite promises to investors, CETA was not engaged in “revenue-producing operations.”
In accordance with the complaint filed by the SEC, the U.S. District Court for the Western District of Texas (Waco Division) issued a temporary restraining order. The order restrains Hill and Shelly from continuing to offer investment in CETA or FIC. It also freezes their assets and appoints a receiver. A future hearing has been scheduled for May 16, 2023.
Most cases are handled on a contingency fee basis, meaning that clients are not responsible for Levin Law attorneys’ fees unless money is recovered on their behalf.
Levin Law is a premier national cryptocurrency, securities, commodities, futures, and class action law firm. Brian Levin, Levin Law’s founding attorney, has helped recover in excess of $150,000,000 through arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.