Business ProfileforAmericrude, Inc.
Additional business information
On March 7, 2018, the Securities and Exchange Commission (SEC) charged Americrude and two of its executives, Shezad Akbar and Daniel Waite, with defrauding investors out of at least $950,000 through a string of fraudulent oil-and-gas securities offerings, a violation of the Securities Exchange Act.
According to the SEC's complaint, filed in the Northern District of Texas, Akbar used his company, Americrude, allegedly made seven securities offerings to raise funds to acquire working interests in oil-and-gas prospects by using a combination of cold calls, high-pressure sales pitches, and false and misleading statements to lure investors. The SEC contends that Akbar and Waite misrepresented Americrude's track record, the reserve potential of its oil-and-gas prospects, and its intended use of proceeds from the offerings. Akbar is also alleged to have used an alias to conceal his involvement in the offerings and to hide his prior felony convictions from potential investors.
According to the complaint, while investors only received back approximately $2,500 of their principal, Americrude and Akbar misused and misappropriated more than $196,000 of investor funds, which were allegedly spent on, among other things, retail and entertainment expenses.
Without admitting or denying the SEC's allegations, Waite consented to the entry of a final judgment that permanently restrains and enjoins him from participating in the issuance, purchase, offer, or sale of any oil-and-gas related securities, provided however that such injunction does not prevent Waite from purchasing or selling oil-and-gas related securities for his own personal account; and orders him to pay disgorgement of ill-gotten gains totaling $32,409.52, prejudgment interest of $1,763.30, and a penalty of $100,000.
The allegations against Akbar and Americrude are pending.
The SEC's complaint can be viewed at https://www.sec.gov/litigation/complaints/2018/comp-pr2018-33.pdf.
At-a-glance
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Business Details
- Location of This Business
- 8330 Lyndon B Johnson Fwy, STE 300 B, Dallas, TX 75243
- BBB File Opened:
- 5/20/2016
- Years in Business:
- 17
- Business Started:
- 10/19/2007
- Business Started Locally:
- 3/26/2015
- Business Incorporated:
- 10/19/2007 in MT, USA
- Type of Entity:
- Corporation
- Contact Information
Principal
- Mr. Shezad Akbar, Director
Customer Complaints
0 Customer Complaints
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