Weekend Jan 28, 2018
Here is another link from the Texas Tribune on the UResti story.
This will allow you access.
Please read this story as part of our focus on ethics not to mention forensic accounting and accountability.
There are several warning signs here.
I don't see the involvement of any well known CPA to do the books and records. That is usually the case in such scams, that was one of the hallmarks of Madoff scheme.
Uresti knew nothing about the oil business and apparently did no real research on his own.
When one acts as a financial fiduciary to another, one is held to the 'prudent man rule.' Simply stated one should invest as a prudent man would. Putting all of his client's money in an unproven new start up company is irresponsible. How about a mutual fund of energy companies or energy service companies like Halliburton?
Bates had no back ground or experience in the business either.
All of these are flashing warning signs.
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