August 27, 2015
The Securities and Exchange Commission (SEC) has alleged that Harrison Schumacher and his two Los Angeles companies, Quantum Energy LLC and Quaneco LLC, raised over $12.3 million from some 300 investors in connection with oil and gas offerings that were not registered. The complaint, which was filed in Los Angeles seeks an emergency asset freeze.
The SEC alleges that instead of using the funds for the stated purpose of exploration and development of oil and gas reserves, the money was used to pay Schumacher’s personal lavish living expenses.
Quantum’s former co-founder Paul Mysyk entered into a cooperation agreement with the SEC and reached a settlement on charges against him.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, 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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