Team Resources, Grand Summit Fund, Fossil Fuels Kevin Boyles, John Olivia, Jim Wilson All Sales Hype With No Oil Production Ventura, California
*Consumer Comment: Please Contact Me
I have to agree with the below investors, Team Resources and crew are some of the best con artists around. Their sales pitch (including written geological reports complete with charts, etc.) said the lease holding showed proven oil reserves. Drilled test wells they had performed confirmed this. All TR needed was funding to purchase/lease drilling and production equipment and within 4-5 months oil would be tapped and flowing. This was 2 years ago.
They supposedly drilled 8 wells and all 8 turned out to be duds! Really!! All 8--and all with proven oil reserves! What are the odds of this? Who knows what was actually produced and how the investors money was spent? They provide no accounting of this.
I finally got one of the officers of TR to admit to me that to his knowledge no fund has ever paid any investor more than they put in. He says only one fund is paying partners anything, and it is only a small amount. What a pathetic record and they have been in business for 10 years.
The SEC and the California Department of Corporations are investigating TR and its funds. Has anyone contacted any other govt authority and filed a complaint? If so, please provide this info in a new additional report to this Ripoff Report forum so we can all join in with complaints to these same authorities who may take action against these scams. Maybe with more numbers of people filing complaints to the same agencies, additional action will be taken.
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