If you spend in shares and planning to buy Sethi Petroleum, stay away. Remember, this is not just a warning but a threat that can make you bankrupt. I am an experienced share market investor and have been doing it from last 20 years. I have seen ups and downs of the market and understand that not every decision go right. But, Sethi Petroleum LLC in Plano proved all my skills worthless.
I do my research while spending on new companies and shares which I did for Sethi Petroleum also. I am always skeptical when it comes to invest on oil and gas. However, this recommendation was from my friend and couldn’t ignore it. Still, I did all my research before making the purchase.
The company has a professional website to get the first impression right. It says that the 70 percent of the share price will be used to acquire working interest in 20 oil and gas wells in North Dakota. They have even used logos of companies like Exxon Mobil, Hess Corporation and many others. It claims to be in close relationships with these companies. The website also suggests that Sethi Petroleum partnered directly with big oil magnates like Continental Resources and ConocoPhillips to develop oil and gas properties.
As I said, I researched but as the suggestion was made by a friend, I overlooked detailed information and did not put much effort in finding the truth behind the owners of Sethi Petroleum. According to the data and facts listed on the website, I felt the shares are going to rock. These details were enough to make me feel that the company is genuine and will be able to get great returns.
Following my research, I bought the shares worth $1500. After the purchase, I was content and felt as if I have taken the best decision. But the delusion what not long lived. Sethi Petroleum’s promises were huge and long term. They stated that they will be offering all their investors quarterly dividends till they are into this business. The dividends won’t stop until there is no more oil in the wells or they sell the wells. The first cheque arrived was for $145 and the second check was for $125.
This was the confirmation of my successful plan which sooner was shattered. I was able to cash the first one but the second cheque bounced. The second cheque was a bad cheque and it didn’t work. Like the story of every other customer help centres, my call was forwarded to unlimited extensions. Still no luck. I got tired of calling and all I got was another excuse. It is really frustrating to know that you cannot do anything about a situation that you welcomed yourself.
The employees kept me ignoring and every time they had the same answer. They kept on telling me to check the account information repeatedly. It was really frustrating and I lost my temper. I even mailed them about the problems and sent it to firstname.lastname@example.org which I never got any reply from.
While trying to find out the solution, I bumped into many other scams about the owners and collaborators of the company. It was devastating to know that these goons have criminal record. I knew it is no time to blame them or myself for not taking extra care but I can help those who are planning to invest in nothing but into litter.
The company CEO Sameer Sethi has a criminal conviction and has spent time in incarceration. The website said that the CFO was a lawyer which was again a big lie. The CFO, on the other hand was accused and convicted of embezzlement.
These fraudsters started this company together to rob people who are trying to save every bit of their hard-earned money. Please go through their complete record before trusting them blindly. I so not want anyone going through the same pain that I went.
Sethi never had any plans to invest in oil wells and that he made very clear by running away with the money innocent people invested. Other than playing with people’s emotion, I do not think he has any other motive.
He never had any relations with companies like ConocoPhillips, Exxon Mobil etc and used their logos to accomplish his selfish intention. I have even discovered that the company’s specialists are no other than his roommates from the jail where he competed his sentence.
The company is full of scammers who only know how to make fool out of others and have succeeded very well. I am sure, they have misled many others like me. They knew what will make people believe their company and made every possible measure to make it seem true.
Hats off to these cons but I am sure they won’t be able to run away with our money. I am sharing this grievance to let people out there know what these bastards are capable of. I wish, if not all, at least few could be saved form their trap.
Do not purchase share of this company. The SEC is banning this company and is going to close it soon. I would love to see these thugs behind the bars.