- Report: #893230
Complaint Review: Dennis Stutes - Internet
Reported By:
John Rasmussen -
Corona, California, United States of America
Submitted:
Updated:
-
Author Confirmed
Why?
Dennis Stutes
476 Pamlar Avenue, San Jose, CA 95128 Internet, United States of America
Phone:
408 975 0800
Web:
www.oilandgasinvesting.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Dennis Stutes Oil & Gas Cutting Edge Technologies Oil & gas investing scam, ripoff, lawsuits, cease and desist orders, industry insider, track record Internet
This person is bad news. I have two clients who invested with Dennis W. Stutes, during the fall of 2011. One for $50,000, the other for $65,000. Mr. Stutes said he had active oil wells drilling in the Bakken in North Dakota, and would immediately put their funds to work in these wells. He promised returns of about 5 to 1 one their money, over a 5 year period, or about 100% per annum return. He sent them documents containing details of the investments.
My clients failed to receive any monthly statements or checks, and in February, 2012 the first ($50,000) and March, 2012 ($65,000) contacted their attorneys. We now realize they should have done that in the first place . It was discovered that Mr. Stutes had NO involvement in any active oil wells in North Dakota, but only had some very low producing wells in Oklahoma, all of which had liens and were involved in lawsuits.
The most troubling information we found was that Mr. Stutes was banned from selling securities in many states -- Texas, Oklahoma, Hawaii, California and Pennsylvania among them, for securities law violations. There are several 'cease and desist' orders against him that can be found on the Internet.
We found that he operates Tar Water Oil & Gas, Elco Oil & Gas, Cutting Edge Technologies, LLC, New Hi-Tech Oil and Gas, and Oil & Gas Cutting Edge Techonologies. The attorneys have told us that all are in violation of the securities laws, and this guy stands a good chance of going to jail.
The lawyers have demanded their clients' money back, and in response Mr. Stutes says that the revenues 'are coming soon'. If he had been up front and open about his legal problems and government bans on his ability to sell securities, my clients would not have invested. He hid that information.
Here is a list of the government enforcement actions against Dennis Stutes:
http://www.docstoc.com/docs/66818513/Cease-and-Desist-Communication-with-Prospective-Purchasers
http://hawaii.gov/dcca/breg/news-releases/oil_gas_venture.pdf
http://the.honoluluadvertiser.com/article/2008/Sep/04/bz/hawaii809040332.html
http://www.corp.ca.gov/ENF/pdf/2011/synergyoil_DR.pdf
http://www.bizjournals.com/pacific/stories/2008/09/01/daily19.html
http://dockets.justia.com/docket/oklahoma/okedce/6:2010cv00315/19676/
My clients failed to receive any monthly statements or checks, and in February, 2012 the first ($50,000) and March, 2012 ($65,000) contacted their attorneys. We now realize they should have done that in the first place . It was discovered that Mr. Stutes had NO involvement in any active oil wells in North Dakota, but only had some very low producing wells in Oklahoma, all of which had liens and were involved in lawsuits.
The most troubling information we found was that Mr. Stutes was banned from selling securities in many states -- Texas, Oklahoma, Hawaii, California and Pennsylvania among them, for securities law violations. There are several 'cease and desist' orders against him that can be found on the Internet.
We found that he operates Tar Water Oil & Gas, Elco Oil & Gas, Cutting Edge Technologies, LLC, New Hi-Tech Oil and Gas, and Oil & Gas Cutting Edge Techonologies. The attorneys have told us that all are in violation of the securities laws, and this guy stands a good chance of going to jail.
The lawyers have demanded their clients' money back, and in response Mr. Stutes says that the revenues 'are coming soon'. If he had been up front and open about his legal problems and government bans on his ability to sell securities, my clients would not have invested. He hid that information.
Here is a list of the government enforcement actions against Dennis Stutes:
http://www.docstoc.com/docs/66818513/Cease-and-Desist-Communication-with-Prospective-Purchasers
http://hawaii.gov/dcca/breg/news-releases/oil_gas_venture.pdf
http://the.honoluluadvertiser.com/article/2008/Sep/04/bz/hawaii809040332.html
http://www.corp.ca.gov/ENF/pdf/2011/synergyoil_DR.pdf
http://www.bizjournals.com/pacific/stories/2008/09/01/daily19.html
http://dockets.justia.com/docket/oklahoma/okedce/6:2010cv00315/19676/
