November 26-Abilene, TX
The Securities and Exchange Commission charged Paul Downey of Naples, FL, and Jeffry Downey of Abilene, TX, principals of Quest Energy Management Group with conducting a fraudulent offering of preferred stock and limited partnership interests. John Leonard of Naples, FL, and Chicago was also charged with acting as an unregistered broker.
The SEC Complaint charges that the Downeys (who are father and son) used Quest, which is based in Albany, TX, to offer stock and partnership units in Permian Advance Oil Recovery Investment Fund I, LP. Investors were told that Permian Advanced would acquire working interests in mineral leases from Quest and receive revenue from those leases. With Leonard’s sales assistance, nearly $5 million was raised from 17 investors.
The SEC alleges that the offering was fraudulent.
Rex Securities Law , located in Boca Raton, FL, provides representation to investors nationwide who are 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.
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