Behrooz Sarafraz Accused of Acting as an Unregistered Broker in the Offer and Sale of Securities by TVC OPUS I Drilling Program and Tri-Valley Corporation
Behrooz Sarafraz acted as an unregistered broker-dealer in violation of federal laws that govern broker-dealer registration, according to a complaint filed by the Securities and Exchange Commission (“SEC”).
The Peiffer Rosca securities practice attorneys Alan Rosca and Joe Peiffer are investigating the matter.
Sarafraz, between February 2002 and April 2010, participated in the offer and sale of securities by TVC Opus I Drilling Program, LP (“Opus”) and its managing general partner, Tri-Valley Corporation (“Tri-Valley”), according to the complaint. Opus raised approximately $97 million from nearly 300 investors in a private placement of securities in the form of general and limited partnership interests, according to the complaint. Tri-Valley and two of its subsidiaries raised nearly $43 million in securities offerings made to a number of the same investors, according to the complaint.
Sarafraz assisted Opus, Tri-Valley, and its subsidiaries to raise funds in their respective offerings and Sarafraz received approximately $18.3 million in sales commissions from Opus and Tri-Valley as a result of his fundraising efforts in connection with the aforementioned securities offerings, according to the complaint. Sarafraz allegedly paid approximately $1,9 million to others for their referrals.
Sarafraz was not registered with the SEC as a broker-dealer or associated with a registered broker-dealer during the time of the offerings, and by engaging in the activity of effecting transactions in securities for the account of others, Sarafraz acted as an unregistered broker in violations of federal securities laws, according to the complaint.
The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.