SEC Charges Florida Man With Stealing More Than $5 Million From Investors
On March 15th, 2023, the Securities and Exchange Commission (SEC) charged Peter Krieger—the former manager of an investment company called a Florida-based investment company called Oban Energies, LLC—with misappropriating more than $5 million from investors. The SEC notes that Mr. Krieger is a recidivist. He was previously charged with securities fraud by the agency in 2008. Here, our Miami investor losses law firm discusses the allegations and charges in detail.
SEC Complaint: Improper Diversion of Investor Funds Between 2017 and 2020
As stated in the complaint filed against Peter Krieger in the United States District Court for the Southern District of Florida, Mr. Krieger raised approximately $17 million from at least 23 different investors for the company Oban Energies, LLC between 2016 and 2020. The SEC alleges that Mr. Krieger improperly diverted investor funds starting in January of 2017. In total, Mr. Krieger stands accused of misappropriating more than $5.2 million from investors.
Notably, the company, Oban Energies, LLC was partnered with the government of The Bahamas. The Bahamian government contracted with the investment entity to develop a project within the oil and gas industry. The SEC alleges that Mr. Krieger took advantage of his role of running the day-to-day operations of Oban Energies, LLC to divert investor funds. Along with other sanctions, the agency is seeking a permanent officer/director bar, disgorgement of ill-gotten gains, payment of prejudgment interest, and civil financial penalties.
What to Do If You Suspect You Were a Victim of Investment Fraud in Florida
If you suspect you were a victim of investment fraud, it is crucial to act quickly and decisively to protect your assets and seek justice. Investment fraud can take many forms, such as Ponzi schemes, pump-and-dump scams, or fraudulent investment advisors. Recognizing the signs of fraud and knowing the steps to take can help you mitigate losses and prevent further damage. Among other things, you should be prepared to:
- Protect Your Remaining Assets: It is essential to halt any additional transactions and avoid sharing sensitive information that could be used against you.
- Document Everything: Gather and document all information related to the investment, including contracts, emails, phone records, and financial statements. This documentation will serve as crucial evidence when reporting the fraud and seeking legal assistance.
- Report the Fraud: Contact your local law enforcement agency, as well as the appropriate regulatory bodies, such as the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA).
- Consult a Professional: You do not have to navigate the recovery process alone. Be proactive: Speak to a Florida investment fraud lawyer as soon as possible.
Set Up a Confidential Case Review With a Florida Investor Losses Attorney
At Carlson & Associates, P.A., we advocate hard for the rights and interests of investors. If you suffered losses due to misappropriation of funds by a financial advisor or investment advisor, we are more than ready to review your case and help you determine the best course of action. Contact us today to set up your completely private initial appointment. Our firm represents investors in Miami-Dade County, Southeast Florida, and throughout the wider area.
Source:
sec.gov/litigation/litreleases/2023/lr25666.htm