oil investment

Osage 1 Ltd

Osage 1 Ltd 400 267 Adam Reeves

Earlier this week Osage 1 Ltd, one of the scam UK oil companies operated by Glenn King, Martin Finch and David Hyman, was taken to the High Court in London over an unpaid royalty debt. The company allegedly invests in oilfields in Oklahoma.

The claimant was a Safe Or Scam client. A few days before the hearing our client was paid in full by Martin Finch and withdrew his claim. However, a second SOS client had registered a claim for an unpaid royalty debt and was allowed to continue the case. A new hearing will take place in a few weeks.

It remains unclear who paid the debt to our client. It appears likely that it was not Osage 1 Ltd. Martin Finch initially tried to route the payment through an organisation which handles import – export transactions. They declined to make the payment citing inadequate anti-money laundering documents. The second attempt came via a Western Union transfer and was successful. As is usual with Martin Finch’s companies, the source of the payments is always hidden.

We have seen correspondence between our client and the solicitor for Osage 1 Ltd where our client has twice asked the solicitor to identify the source of the payment and has not received a straight answer. Our client is concerned that he may unwittingly be a party to a money laundering operation. All it would take to reassure him would be confirmation from the solicitor that the money came from an Osage 1 Ltd bank account. The law firm seems reluctant to give that confirmation.

This calls into question how the law firm is going to be paid. Is it going to accept payments made via Western Union from an unknown source ? An honest law firm would question why their client, a UK company, isn’t paying them from a UK bank account.  The shareholders in Osage 1 Ltd have waited almost 12 months to be paid their royalty with Martin Finch claiming the delay is due to not having “a platform” to make the payment. This is one of the weakest and most incredible excuses we have ever heard. It calls into question how Osage 1 Ltd is going to be able to pay the legal bills. We doubt that its law firm is going to wait a year for payment. Logic suggests that if it can pay the law firm and our client without using “a platform”, it can pay the other 200 shareholders too.

The law firm representing Osage 1 Ltd is Meaby & Co. This is the same firm which represented Glenn King over the Oakmount oil scam.  

To view the previous blog post on these oil companies click HERE 

Safe Or Scam has a website on the oil companies linked to Glenn King operating from Suite 11, Braxted Park Road, Great Braxted, Witham. They are Osage 1 Ltd, Phenco Ltd, Kansas MB Project Ltd, Kansas B2 Project Ltd, Sooner Energy SPV-1 Ltd, Tristone Holdings Ltd and Oakmount. You can visit the website using this LINK.

 

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Phenco Oil

Phenco Oil 300 200 Adam Reeves

An update to Phenco oil investors was sent out by Martin Finch on 4th April 2019. In brief it said [paraphrased]:

Chainbox Technology has been contacted by several shareholders and Safe Or Scam. As a result Chainbox has decided to withdraw its services for the time being.

Martin Finch now has to start from scratch finding a company solely geared to distribute payments to a large number of shareholders for as little fees as possible.

There then followed a paragraph about progress at one of the sites, along with some photographs. We aren’t interested in that aspect because we would remind investors of three oil investments in Illinois which were established and sold by UK companies between 2012-2014. Those investments were:

Rocky Point Energy  /  Armadillo Energy  /  Hockley Energy

All three of those investments provided investors with photographs of progress. They also welcomed investors to the well sites to see for themselves. Unfortunately none of the wells in the photographs and none of the sites were actually owned by the companies. They were scams.

We are not saying that the photographs provided by Phenco oil are fake. The fact is that nobody knows. The history of previous US oil scams proves these things are easy to fake. What is not in doubt is the fact that Mr Finch has taken in around £15 million for five oil companies and yet shareholders know absolutely nothing about the US companies involved or where most of the £15 million went. All we do know is that the money didn’t go into the purchase of assets.   

In our contact with Chainbox Technology we described the fact that the five oil companies had used Jade State Wealth to make payments. We described three known scams which had also used Jade State Wealth. One is in administration and two are in liquidation. One of them is the subject of a fraud investigation and we fully expect the other two to also become the subject of fraud investigations. We asked the owner, Mr Spurling, to provide us with reassurance. Our request is copied below:

I am writing to ask for your assurance that you have checked out the source of funds paid out to shareholders in all five [oil] companies and you can emphatically verify that neither yourself nor any of your companies are involved in illicit transactions or money laundering. We will post your reply online.

Whilst you may feel that it is acceptable for 70% of a new shareholder’s investment to be paid out in fees and commissions, we do not. We regard that as a scam.

Mr Spurling did not respond. However, Mr Finch did respond even though we did not write to him. His response was that we should leave Chainbox alone.

So now it appears that Mr Finch does not have “a platform” to make the payments to shareholders. We have a solution for him. He could use a company called PHENCO LTD.

Hundreds of thousands of companies in the UK manage to make payments to their shareholders so why can’t Phenco oil itself make the payments ?

The last filing on the register at Companies House shows that Phenco has 194 shareholders. That is not a large number. Payment can be done very easily in one day. Most UK bank accounts allow multiple payments to be made online via bank transfer. Even with “a platform” Mr Finch has to provide the platform with the bank details of every shareholder and he has to tell the platform how much to pay each shareholder.

It’s very odd that Phenco can produce royalty statements for every shareholder showing the percentage and amount they are owed, but can’t then press a few buttons and make the payment. Surely having to give all the information to a platform is much more time-consuming than Phenco just making the payments itself.

Mr Finch’s excuses do not make sense. It appears that he goes to great lengths to ensure that shareholders cannot trace the source of the payments. He uses offshore currency exchange services and then a payment distribution provider. Although his UK companies allegedly have the contracts with US counterparts the royalties are never paid into the bank accounts of the UK companies. That is a very strange arrangement which raises questions about money laundering and the tracking of payments.

Mr Finch is the only employee of Phenco Ltd. He could process the payments in one day. If he did it himself he would save the company a lot of money.

So there is the solution. Phenco Ltd could pay its own shareholders from its own UK bank account.  

To view the next update on the Phenco oil scam please click on this link.

 

Tristone Holdings Ltd

Tristone Holdings Ltd 360 240 Adam Reeves

Tristone Holdings Ltd is a new oil investment offered by the people behind Osage1, Phenco, Kansas MB, Kansas B2 and Sooner Energy.

The original five oil companies operate from this address – Suite 11, Braxted Park Road, Great Braxted, Witham.

Tristone Holdings Ltd operates from Suite 11a, Braxted Park Road, Great Braxted, Witham.  There is no Suite 11a.  It must be a desk and chair in Suite 11…..

Glenn King has been touting Tristone Holdings around various sales companies in an attempt to raise another £4m+ from investors. This will be disappointing news to the 700+ investors in King’s other oil companies who have not been paid their quarterly returns for the past nine months. At Companies House these five original companies are shown as being run by Martin Finch, however there is no doubt that Glenn King and David Hyman are the people establishing and controlling these companies.

Tristone Holdings Ltd is selling its own shares to investors (much the same model as with the other oil companies), but this time instead of using unregulated sales agents to sell the investments, working unlawfully from hard-sell scripts provided by Glenn King, it has gone fully regulated and is selling Tristone through regulated channels. It does bring into question the honesty and integrity of some FCA-regulated companies.

Of course, there is no mention of Glenn King being involved because that would be the kiss of death to the investment. Neither is there any mention of Martin Finch. It seems that his links to the failing oil companies are not a good selling point.

So, if Martin Finch has been dropped from the team, who actually makes it into this select group. Well, there are the usual suspects based in the USA. Unsurprisingly, Rick Coody is one of them. It must be very difficult for Glenn King to find anyone to join the team with the reputation that he, Hyman and Finch have. Rick Coody is known to investors in the five UK oil companies because he is also listed as being one of the US-based members in their teams. He already has a conviction for fraud relating to an oil investment so he is ideally suited to be in the Tristone Holdings team.

There is also mention of UK company, Venture Equity Ltd, being the fourth member of the team, whilst also being the corporate director of Tristone Holdings Ltd.

As you may have guessed, the registered office of Venture Equity Ltd is Suite 11, Braxted Park Road. It must be very difficult to move in that small office with so many companies allegedly working out of there.

According to the Information Memorandum “[Venture Equity] has previously engaged in capital raising ventures within the oil and gas sectors….” What that statement fails to mention is that the fundraising was for Finch, Hyman and King enterprises and all have ripped off investors by paying huge commissions and fees from investor subscriptions, typically 50% – 70%, to Glenn King and his associates. 

What the Information Memorandum does not mention is that there is another director of Tristone Holdings Ltd. Odd that it doesn’t mention him. That director is Mr Henry George Berry. Why no mention of him in the sales literature ? Why no mention of Henry George Berry being in the team ? Could it be that he, like David Hyman, has learnt the value of hiding in the background and keeping a low profile ? Not only is Mr Berry not mentioned as being in the team, on page 5 where it actually lists the directors of Tristone Holdings Ltd there is only Venture Equity Ltd, yet the register at Companies House clearly shows there are two directors – Henry George Berry and Venture Equity Ltd.

Well, we can put that to rights here and now. Step forward Mr Henry George Berry who, it should be noted, is not only a director of Tristone Holdings Ltd but is actually also the sole director and sole shareholder of Venture Equity ! That may change as unfortunate investors are persuaded to invest in this dishonest investment.

So.…. Henry George Berry is an undeclared director of Tristone Holdings Ltd whilst also being the sole director of Tristone’s corporate director, Venture Equity Ltd, but he doesn’t want his personal name to show up anywhere in print. Confused ?

A lot of effort has gone into ensuring that Henry George Berry is not mentioned by name. Perhaps that was one of the conditions he laid down before agreeing to be involved in yet another dubious investment. We will be publishing more on Mr Henry George Berry in future because he has an interesting past with more links to Glenn King.

Investors in the five oil companies may also recognise the name of Henry George Berry from the recent past. We have been provided with copies of the declared dividend statements issued by Martin Finch. It is unlawful for a loss-making company to declare dividends. Some might say that was done to make investors think the company was profitable. Those present at the Board Meetings where those illegal dividends were declared were Martin Finch and Henry George Berry.

Finally, investors may want to know the names of the FCA regulated entities involved in this investment. There are two of them. They are:

Blue Water Capital Ltd of 53 Calthorpe Road, Edgbaston. Birmingham. B15 1TH. This company is worth closer investigation. It was only incorporated in July 2017 and is a one-man firm. Mr Henry William Daniel Porter is the sole director and sole shareholder. As with any new FCA-regulated business you should be very careful who you choose to partner with.

City One Securities Ltd, One Royal Exchange Avenue, London. EC3V 3LT. This is the company which has approved the Information Memorandum, but which “accepts no liability for the accuracy of any information contained in the document“.

To view the previous post on these oil companies please click here

To view a more recent article on the UK oil scams please click here.

To visit the separate website for investors in these oil companies please click on this link and read through the blog pages.

 

Osage 1, Phenco, Kansas MB, Kansas B2 – Update

Osage 1, Phenco, Kansas MB, Kansas B2 – Update 150 150 Adam Reeves

Investors remain frustrated by non-payment of overdue royalties for Osage 1, Phenco, Kansas MB, Kansas B2 and Sooner Energy.

The company director, Martin Finch, has been giving a weak and implausible excuse. It is that he is struggling to find a currency exchange company which will change US dollars into pounds sterling.

Everyone knows it is easy enough to change USD into GBP. The problem is that every one of the respectable companies would carry out anti-money laundering checks. They would also insist on knowing where the money was coming from and how the funds had been generated. That is what the law requires.

Yet, 6 months after payments should have been made to investors, Mr Finch is still having problems finding a currency exchange service that will open an account.

The previous currency exchange service was based in Dubai. Unusual for an investment which allegedly involves payments from the USA to the UK to be routed via Dubai when there are so many reputable currency exchange providers in both the USA and the UK.

More about Osage 1, Phenco, Kansas MB and Kansas B2 can be found on the project-specific website using this link

To view the previous blog comment on this site referring to Osage 1, Phenco, Kansas MB, Kansas B2 and Sooner Energy please click here.

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