Released on July 15, 2008
The Director of Securities Division of the Saskatchewan Financial Services Commission (SFSC) issued a Temporary Cease Trade Order on July 14, 2008, against Global Petroleum Strategies LLC., Petroleum Unlimited LLC., Aurora Escrow Services LLC., as well as Roger A. Kimmel Jr., who is the president of Petroleum Unlimited and Aurora Escrow. Also named in the order are two sales representatives from Global Petroleum Solutions, Troy Gray and Stephen J. Shore. The order expires on July 29, 2008, and may be extended.
The Director has ordered these companies and individuals to cease trading and advising in securities and exchange contracts, and has also removed their right to use any exemptions under the Securities Act. Neither the companies, nor the individuals are registered to trade or give advice in securities in Saskatchewan. Therefore, the Director believed that it was in the public interest to issue the temporary cease trade order.
In late June and early July 2008, the SFSC began investigating the activities of Global Petroleum Strategies, a company based in Boca Raton, Florida, U.S.A., and two of its representatives, Troy Gray and Stephen Shore. Global Petroleum 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, also a Wyoming company based in Ohio. Both Aurora and Petroleum Unlimited are managed by Kimmel.
"Investigation has determined that Global has directed a large share of its marketing at Canadian investors," Saskatchewan Financial Services Commission Enforcement branch head Ed Rodonets said. "We are aware that Global has sent out more than 18,000 faxes, in what is described as a ‘fax blitz'. The SFSC is continuing to work closely with other provincial commissions, and we have advised all the Canadian commissions of the activities of these companies."
Anyone who is contacted by Global Petroleum Strategies, Petroleum Unlimited or any of its representatives is asked to contact Ed Rodonets, Saskatchewan Financial Services Commission at 306-787-5850.
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For more information, contact:
Ed Rodonets
Saskatchewan Financial Services Commission
Regina
Phone: 306-787-5850