Canadian Regulators Get Wise to Boca Firm
You won't find any articles in South Florida -- or even the U.S. -- about Global Petroleum Strategies, which is based in Boca Raton. Nor will you find any complaints against it with the Florida Better Business Bureau. But over the past year, there has been a slow domino effect north of the U.S. border as regulators for individual provinces conclude that the company's a boiler-room scam.
The most recent is Alberta, which banned the company from its markets and fined it $300,000 for illegally trading securities. It allegedly convinced 14 of the province's residents to invest $350,000. From the Calgary Herald:
"Global's highly promotional, sometimes (if not always) scripted and, as we found, illegal boiler room operation was all too successful," the Alberta Securities Commission said in its decision.
A Google search under the company's name leads right to a cease-trade order that Saskatchewan regulators issued a year ago, which leads to an article in the Leader-Post in Regina:
In late June and early July, the securities division began investigating the activities of Global Petroleum Strategies, a company based in Boca Raton, Fla., and two of its representatives, Troy Gray and Stephen Shore.
Global Petroleum had sent faxes to Saskatchewan locations, soliciting calls for investors to contact a toll-free number for information to invest in oil wells.
Upon calling the numbers provided, potential investors will reach Global Petroleum in Florida. Global, in turn, is raising investment capital for Petroleum Unlimited, a company licensed in Wyoming, and based out of Ohio.
Investors are then instructed to wire investment funds to Aurora Escrow, another Wyoming company based in Ohio. Both Aurora and Petroleum Unlimited are managed by Kimmel.
Roger A. Kimmel, to be exact, whom regulators name as president of the company, which apparently has ceased operations.
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