ED Magedson – Founder
Gulftex Inc : Tim Burroughs: Dick O'Donnell: Euroamerican Capital3030 LBJ Freeway Dallas, Texas United States of America
Due to there shady practices and acts of dishonesty the SEC has been in their offices for the last month and is shutting their operation down once they learn all that their books will divulge. Fortunately, I learned of many of their practices after my relationship with them was over
For starters, they would take the new partners investment and pay out the partners of previous projects calling it their royalty checks to try and upsell the previous partners position with the company. Not only was that not truly their income earned the well hadnt even been drilled yet. Then other investors they would tell them the project they invested on was a dry hole/ non producing well and would reap the income generated from their positions for personal gain.
Hopefully the SEC will find the proof they need to put these guys away for a very long time and protect the consumer public from them. I had enough experience with Tim Burroughs personally to know how discriminatory and ugly and individual he is. Everything from (in his words) "don't call on women, n*****s, asians, mexicans, and indians to invest with us. They'll never do it. None of them have money" This man will get whats coming to him. My girlfriend is Hispanic, my best friend is african american and my best course of action was to leave on my own terms and hope that someday karma will come back around to him. I'm now with an oil and gas company I am proud of and leadership that I respect.
This report was posted on Ripoff Report on 02/18/2010 05:01 PM and is a permanent record located here: http://www.ripoffreport.com/r/Gulftex-Inc-Tim-Burroughs-Dick-ODonnell-Euroamerican-Capital/Dallas-Texas-/Gulftex-Inc-Tim-Burroughs-Dick-ODonnell-Euroamerican-Capital-Individuals-and-Company-571536. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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