King - Anderson-Drake Telephone Oil Well Artists taking the elderly Dallas Texas
My husband wanting to insure our financial future before we were married invested heavily into an oil well venture. They had contacted him by phone months earlier and he had invested.
They continued to call and asking for more money or he was out of the deal. Now he was getting married and decided he needed to trust them as they assured him he would be making $2,000 to $3,000 a month. He invested in all $130,000. Everything he had and more.
He started to get checks of about $300 a month and now it is less then $100. There is always a financial statement. Everyone is being paid but the investors. There were suppose to be three wells but of course with the oil prices at an all-time high, he gets next to nothing. So far my husband has received about $5400 for his investment of $130,000.
The man who called him was a Tony Duncan. When my husband refused to pay anything more and became concerned over his investment, Tony Duncan no longer worked for the company. I am sure he is probably still there as he made a lot of mony for them off my husband but he probably has a different name.
We have someone looking into this matter but have found out on our own there is not much hope. Oil Companies in Texas have to go through a registry that's all. They only keep track of the names not what they are doing to people. It seems a lot of scam artists live in Texas.
My husband is 79 and I am 65. We will never see our retirement.
Don't let this happen to you. If you have to invest, do it wisely, patiently, and never over a phone.
Ellen
Earl Park, Indiana
U.S.A.
1 Updates & Rebuttals
Ellen
Earl Park,Indiana,
U.S.A.
Correction of address for King - Anderson-Drake - They also go by the name of King Operating Corporation and James R. Young is the president.
#2Author of original report
Thu, March 16, 2006
Upon reviewing my entry, I have an incomplete and incorrect address for this company. It is Anderson-Drake, inc. - 16775 Addison Rd., Ste. 600 - Addison, Texas 75001 - (214)420-3000 -
Fax(214)420-3001
My husband was unsure of the address, when I made my first report, as all the papers we have had been sent to someone for help. I found this information in my office from when I was investigating the company last year.
They would always send a FedEx envelope to my husband right after the phone calls. Even if he said NO. In it, would be an oil well contract plus a letter telling him how much more he had to pay and how he was losing if he did not send more. He had to pay his share of the operating expenses or he got nothing.
There would also be a FedEx US Airbill with his name on it and their return address and Their FedEx acct. no. to be billed to them for his return. They left nothing to chance.
They also go by the name of King Operating Corporation and James R. Young is the president.