Canadians Tell Plano Oil and Gas Company To Stay Out of Their Territory, Eh?
The feller in that holiday photo is one Matt Nerbonne, president and CEO of Tycoon Energy HQ'd in Plano. Don't know much about him, except what I learned this morning: Folks in the Canadian province of New Brunswick don't want him doing bidness up there. Per the Telegraph-Journal up thataways, the New Brunswick Securities Commission has barred Tycoon -- and, specifically, Nerbonne and Tycoon director David Havenor -- from trading securities in the province.
The exec director of the commission is worried that Tycoon's soliciting Canadians to invest in Texas oil wells with the promise of "returns of up to 447 percent within one year -- an amount far exceeding typical returns for investments," according to the paper. That's after Canadian officials say at least one New Brunswick resident was solicited to invest in Tycoon's Plains Ranch Well No. 1 Joint Venture, about which there's no info on the company's website. Then there's this small concern, according to the commission's own "investor alert" issued yesterday, along with the cease-trade order pending a hearing next month:
Nerbonne, president and chief executive officer of Tycoon Energy Inc., was previously sanctioned by securities regulators in Pennsylvania, Alabama and California. He was indicted for fraud in California.