Investors warned of Texas-based oil and gas investment scheme
Cease-trade orders issued for Oil International LLC, Trinidad Oil and Gas Corp., and Black Gold International Ltd.
Sunday, November 29, 2009
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Investors are being warned by New Brunswick Securities Commission enforcement staff to be cautious about a Texas-based oil and gas investment scheme, the NBSC said Friday.
The Saskatchewan Financial Services Authority (SFSC) and the Autorité des marchés financiers (AMF) have recently issued cease-trade orders for Oil International LLC, Trinidad Oil and Gas Corp., and Black Gold International Ltd. pending further investigation.
Oil International LLC, purported to be based in Panama City, Panama, is allegedly contacting Canadian residents by telephone and e-mail. The firm is trying to raise investment capital for Black Gold International Ltd., a company registered in Belize, with an office in Nassau, Bahamas.
Trinidad Oil and Gas Corp., based in Texas, is the oilfield management company operating under the direction of Black Gold International Ltd. It is alleged that investors were instructed to wire investment funds to an account in Texas.
Individuals Gavin Morgan and John Andrew may work for one or more of these firms and may be soliciting on their behalf. It is not known where these individuals are based.
At present, there are no known New Brunswick investors. The NBSC says it is cooperating with SFSC and the AMF on this matter.
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