ED Magedson – Founder
Cameron CraveyMabank Texas Mabank, Texas United States of America
Stay away from anything associated with Cameron Cravey, or any of his hundreds of shell corporations.
Cameron is one of "the worst" oil field promotors, and he is so bad that the locals know him as the biggest thief in town.
His game is to con out of state and out of country investors into his oil wells and oil leases he proportedly owns in Texas.
He doesn't one ONE oil lease in Texas. The state of Texas Railroad Commission (the regulating body for the state) has Mr. Cravey on their black list, and his in not allowed to own or be associated with anything having to do with the oilfield in the state of Texas. So, Mr. Cravey hids behind his wife and kids and family members to purchase oil leases. The problem with that is, that the State of Texas still has him banned, and he has been successful in staying one step ahead of the State regulators.
His game is to buy the leases, from the legitimate owner, and then split the lease into much smaller "subleases" and then sell each of those smaller subleases to unsuspecting out of state investors for outrageous prices.
For one example, Mr. Cravey purchased one lease for $120k (using investor money, telling them he already had the lease), and then split up that lease into 6 subleases, and then sold each of the subleases for $335k each.. So, he bought a lease for $120k and sold that same lease for over $1.8 Million to unsupecting out of state investors.
Then on each of those six subleases, he does the work to rehabilitate the lease himself (in a very shotty manner) and then charges the unsuspecting investors 10X the going rate for quality work would have been.
Then, of course, the oil wells never make as much oil as they are supposed to, so he then has to do "more work".. thereby charging the investors again outrageously high prices to do shotty work.
Then, when the investors finally catch on to his game, he has bilked them of hundreds of thousands of dollars, of which he uses every slimey lawyer in Dallas to fight against the investors legitimate lawsuits.
But, Mr. Cravey has millions of dollars of judgments against him already, because the judges see through his game.
The problem is that he immediately takes his "profits" as he calls them and sends them to his offshore bank under the names of his children, which are never mentioned in the lawsuits, therefore the money is "gone."
He is a thief with no conscience, and one day justice will come to him.
This report was posted on Ripoff Report on 07/18/2010 02:57 PM and is a permanent record located here: http://www.ripoffreport.com/reports/cameron-cravey/mabank-texas-/cameron-cravey-eastex-development-defrauded-hundreds-of-investors-for-millions-of-dollars-624486. 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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