Provident Royalties / Shale Royalties
Securities Fraud Investigation (Alleged Ponzi Scheme)
Did you invest in Provident Royalties, Shale Royalties or Provident Energy LP?
In July 2009, the SEC formally charged Provident Royalties LLC, Provident Asset Management LLC and its founders with securities fraud in connection with an alleged $485 million Ponzi scheme to defraud natural gas and oil investors. The SEC civil complaint charges that Provident made a series of fraudulent offerings of preferred stock and limited partnership interests and sold them to approximately 7,700 investors between June 2006 and January 2009. It is alleged that Provident promised investors annual returns of up to 18 percent from investments in oil and gas real estate, leases, and mineral rights, but failed to disclose that a significant portion of investors' funds were being used to pay previous investors.
Sonn & Erez is currently conducting an investigation into the sale of securities in Provident Royalties or any of its related affiliates, including Shale Royalties, Provident Asset Management and Provident Energy LP by a variety of brokerage firms throughout the country, including Workman Securities and Philip Roy Financial.
If you have information or wish to discuss your rights as an investor, contact us at 1-866-372-8311 or contact Jeff Sonn, Esq. at jsonn@sonnerez.com or Jeff Erez at jerez@sonnerez.com, or Stefan Apotheker at sapotheker@sonnerez.com.
