Complaint Review: Dennis Stutes

I talked to several "investor advisers" since the beginning of this year.  The others were taking forever to "qualify" me. My wife and I made a really good gold investment in 2011 and we had 6 months to roll it over or pay taxes.  Dennis told me he uses the "3+3" rule meaning $300,000 net worth and your plus your wife earned $300k last year, and with my gold returns we qualified.  I had not invested in LLC companies before, but it sounded good because you own a part of the company (he said).  

Dennis told us how his investors were making "close to 100%" annual returns and "what with the tax writeoffs" even more than that.  That the Bakken oil field was a "can't miss" but the opportunities would be gone in a year, so act now.  He emailed me endlessly with information.  I truly believed he knew what he was talking about, so did my wife.  Dennis told me how much he had made in the Bakken, over $550,000 in 2011 and he was looking to double that this year. 

 ...We could be millionaires too, etc, etc.  Well I hate to say I fell for it, big time too.  I invested in February.  We were supposed to get oil and gas payments beginning March plus the paperwork showing we owned a part of the LLC.  Here it is June and nothing!  He keeps telling us to wait, it is coming, but we started researching him (should have done this BEFORE we invested) and found all kinds of legal actions by several states against him for investment fraud!!! 

 I felt sick, I knew I had lost it all at that point.  We live in Venture and I found out he wasn't even supposed to be selling investments in California because he was banned.  That there is a Cease and Refrain from our Securities Commissioner!  So we turned him in and I hope the bas**** gets what he deserves.  For anyone else considering this, or any one of these oil investments, check it out, then check it out again.  I didn't and it was affected my life severely now.