August 11, 2017

The Securities and Exchange Commission today charged David R. Greenlee, David A. Stewart Jr., and Richard “Ric.” P. Underwood in Fort Lauderdale with allegedly defrauding investors they lured by false promises of high returns from an oil drilling investment opportunity. The SEC alleges that Greenlee and Stewart weren’t registered to sell investments and used fake names like “Dave Johnson” when speaking to investors in order to hide their past criminal records, and they diverted nearly two-thirds of the money raised from investors to pay themselves and their salesmen as well as advertise for new investors. The SEC’s complaint further alleges that Underwood helped Greenlee and Stewart draft false offering brochures, and he oversaw a boiler room sales team of telemarketers in Florida as they solicited investors nationwide. SEC

Tagged in: Misrepresentations, Securities Fraud,