This securities fraud class action charges EnergyTec, Inc. and other persons and entities with orchestrating a ponzi scheme like fraud by selling unregistered securities in oil wells.
The class action complaint alleges In furtherance of their scheme, and to aid in inducing investment, EnergyTec made oral and written false, misleading, and fraudulent statements in violation of federal and state securities laws, state statutory laws, and state common law, filed false reports with the United States Securities and Exchange Commission, fraudulently concealed their actions from the Plaintiff, unlawfully converted the Plaintiff's investment funds, and breached their contract with the Plaintiff.
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