Harrison Schumacher and his two companies Quantum Energy LLC—Investment Fraud
Harrison Schumacher and His Two Companies Quantum Energy LLC and Quaneco LLC Allegedly Raised Approximately $12.3 million from over 300 Investors
Harrison Schumacher and his two California-based companies Quantum Energy LLC and Quaneco LLC, allegedly raised approximately $12.3 million from more than 300 investors nationwide in connection with five offerings that were not registered with the SEC, according to SEC Documents currently under review by attorneys Jason Kane and Joe Peiffer.
The SEC also recently announced fraud charges and an emergency asset freeze to halt Quantum Energy LLC and Quaneco LLC, involving their purported investments in oil and gas projects, the SEC notes.
The Peiffer Wolf Carr & Kane securities rights lawyers are currently investigating Harrison Schumacher and his two companies Quantum Energy LLC and Quaneco LLC for allegedly running an investment fraud, and encourage investors to contact them.
Schumacher and Quantum Allegedly Diverted Investor Funds to Cover Undisclosed Corporate Business Overhead Expenses and Schumacher’s Compensation
Schumacher and Quantum allegedly diverted investor funds from the stated purpose of exploration and development of oil and gas resources to instead cover undisclosed corporate business overhead expenses and Schumacher’s compensation, according to SEC Documents presently being reviewed by attorneys Jason Kane and Joe Peiffer.
The SEC goes on to allege that, contrary to representations, investor funds were allegedly separated into separate trust or escrow accounts, and that Schumacher and his companies commingled funds in Quantum’s operating accounts, which was later used to fund Schumacher’s lavish personal expenses including a Porsche, according to SEC Documents.
Finally, Schumacher and Quantum allegedly also hid diversion of investor funds through questionable “turnkey drilling” contracts in which Quantum claimed to pay Quaneco to drill wells, and Schumacher and his companies have also purportedly been soliciting funds for a new Utah-based oil-and-gas investment program and planning to raise another $2 million, the SEC Documents note.
Securities Lawyers Investigating
The Peiffer Wolf Carr & Kane securities lawyers often represent investors who lose money as a result of alleged investment fraud. They are currently investigating Schumacher and Quantum for allegedly running an investment fraud and encourage investors to contact them. 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 Schumacher and Quantum allegedly operating a fraudulent investment scheme may contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at (585) 310-5140.