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Unregistered salespeople convinced investors to sink their retirement money into fraudulent equity and debt funds linked to oil and gas wells, leaving them with “dismal returns” and significant losses, a proposed class action alleges.
The promoters collected hundreds of millions of dollars by falsely describing themselves as licensed, registered dealers, by making unrealistic projections about well production, and by misrepresenting the success of their funds, Paul D. Cruz and several other investors say. They filed the suit Wednesday in the US District Court for the Northern District of Texas.
The investors named 11 individuals and 16 companies as defendants. The …
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