St. Louis Public Radio News
5:49 pm
Mon November 16, 2009

Oil & gas investment calls under scrutiny

Jefferson City, Mo. – The Missouri Secretary of State's office is warning the public to beware of phone calls pitching oil and gas investments.

The calls in question are unsolicited, with offers of high returns and very low financial risk.

Abe Rakov is with the Secretary of State's office.

"Because it's ongoing, I can't get too specific, but there have been multiple complaints...it also has been happing in other states: Recently, Colorado filed a complaint alleging fraud in connection with the marketing of investments in oil and gas drilling operations," Rakov said.

Rakov also says some of the promoters calling Missourians have had past run-ins with state and federal regulators. He adds that enforcement action will be taken against any company found to be violating the Missouri Securities Act.

People who get such calls are being advised to ask for information on all risks and for the full history of all key players involved.

They can also call the state's Investor Protection Hotline at 1-800-721-7996, or log on to MissouriSafeSavings.com.