June 18, 2015
The Securities and Exchange Commission (SEC) filed an action charging Norstra Energy, based in Southlake, Texas and its CEO Glen Landry with defrauding investors about reserve estimates and drilling plans. According to the SEC complaint, Landry issued and disseminated a reserve report that substantially misrepresented the amount of recoverable reserves from a lease in the Bakken Shale in Montana.
Eric Dany, a paid promoter for Norstra Energy was also charged by the SEC for making materially false and misleading statements about the business prospects of Norstra in emails and other promotional materials he was paid to disseminate.
Following the release of the exaggerated and misleading statements about its reserves and future drilling plans, Norstra Energy increased nearly 600% over a three month period resulting in a suspension in trading by the SEC in June 2013.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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