Publicly available records provided by the Department of Justice and Securities and Exchange Commission indicate that Texas-based businessman Stanley Fortenberry has been charged with fraud in connection to the operation of two investment companies, Premier Investment Fund and Wattenberg Energy Partners. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Fortenberry.
According to an SEC press release published on November 22, 2016, Mr. Fortenberry has “pleaded guilty to an indictment charging him with obstruction of justice and other charges in connection with two investment companies he ran that defrauded investors out of approximately $900,000 over a four-year period.” The two companies are Premier Investment Fund, “which raised funds from investors for social media projects run by another company with ties to the country music industry,” and Wattenberg Energy Partners, “which raised funds for oil and gas drilling projects in northern Colorado.” The Department of Justice alleged that Mr. Fortenberry “misled investors about the profitability” of Premier Investment Fund; according to the SEC, he “diverted approximately half of investors’ funds into his own pocket and to pay the expenses of his fundraising operation.”
With respect to Wattenberg Energy Partners, Mr. Fortenberry allegedly set up the company in his son’s name while he was under investigation by the SEC for misusing funds provided by investors in Premier Investment Fund, according to the SEC. The SEC’s November 18, 2016 also says: “He used a network of salespeople to solicit individuals over the phone to invest in drilling projects. Fortenberry admitted that he spent the vast majority of the funds on himself and the company’s fundraising operation. In October 2014, at an administrative hearing with the SEC, Fortenberry falsely denied having control of or working for Wattenberg.”
Mr. Fortenberry has “admitted that the total loss to victims of both schemes was $887, 311,” according to the SEC.
If you or someone you know has lost money investing with Stanley Fortenberry, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.