SEC Files Case Charging That KGTA Oil Business is a Sham

SEC Files Case Charging That KGTA Oil Business is a Sham 150 150 Rex Securities Law

In a September 30, 2014, Litigation Release, the SEC charged the following for participating in a $20  million fraud involving a sham oil trading business:

  • Thomas Abdallah
  • Kenneth Grant
  • KGTA Petroleum Ltd.
  • Mark George
  • Jeffrey Gainer
  • Jerry Cicolani

Investors were told their funds would be used to buy fuel at a discount for sale at a profit and that the funds would be safeguarded since they would be flowing through an escrow account monitored by Mark George, an attorney.  According to the SEC the business was a sham and the escrow safeguard was a mirage.

Jeffrey Gainer and Jerry Cicolani, formerly registered brokers with Primesolutions Securities, Inc. in Cleveland, OH,  sold the fraudulent investments.

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.  Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

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