EnergyFunders is an energy-focused FINTECH crowdfunding company that started with oil and gas.
| Company type | Private |
|---|---|
| Industry | Oil and gas |
| Founded | 2013 |
| Headquarters | San Antonio, Texas |
Key people | Laura Pommer, Virginia Urban Light, Garrett Glass, Piyush Prakash, Elizabeth Finley Ryan, Paul Black |
| Website | energyfunders |
History
editThe company was founded in 2013 by Philip Racusin, Roger Gingell, Michael Racusin, and Casey Minshew in Houston, Texas.[1][2] Laura Pommer currently serves as the company’s CEO.[3] It was set up as a crowdfunding platform, in accordance with US Securities regulations.[4] EnergyFunders initially provided accredited investors with access to upstream oil and gas projects from independent operators and producers.[5] Generally these are established small operators that otherwise have limited financing options.[6] The platform first went live in 2014 and was officially released in 2015.[7] In January 2018, the EnergyFunders Marketplace was accepted by FINRA to operate a crowdfunding portal under Regulation CF.[8] EnergyFunders launched an all-new upgraded platform using block-chain technology in early 2018.
On May 20, 2022 EnergyFunders announced that Christopher Pettit has resigned as a director of the Corporation and replaced with Laura Pommer. [9] The San Antonio's attorney's clients claim that he stole more than $250,000,000 of their money. [10]
In early 2023, investors have become increasingly dissatisfied with Energy Funders. Distributions have ceased to be made and updates regarding investments became sporadic with little specifics. Management changed hands to various individuals including Laura Pommer, Jason Eubanks, and now to Virginia Urban Light. Current investors are reporting that not only distributions and updates, but there are significant delays in the release of K1s. Additionally investors note that management refuses to hold virtual meetings with current investors and to provide updates with specific information with how their money has been used in investments. [11]
On February 21st, 2024 a former board member Christopher John Pettit 56, was sentenced in a federal court in San Antonio to 50 years in prison for fraud and money laundering. [12]
EnergyFunders Platform
editThe EnergyFunders platform provides crowdfunded upstream oil and gas projects to accredited investors,[1] which the company pre-vets before putting them up for offer[13][14] through a team of various professionals in law, geology, technology, and finance.[15] EnergyFunders takes a carried interest from each investment made through its platform.[1][16]
References
edit- ^ a b c "Houston Startup Energy Funders Aims to Crowdfund the Oil Patch – Xconomy". 3 April 2014.
- ^ "EnergyFunders COO Casey Minshew Discusses How 2017 is the Year of Oil Investing – Crowdfund Insider". 5 January 2017.
- ^ "Forget the next movie, now you can crowdfund Texas oil wells". 23 March 2015 – via Reuters.
- ^ Thorpe, Devin. "Experts Explain New Crowdfunding Rules". Forbes.
- ^ "Frustration leads to creation of Instagram search app".
- ^ "Crowdfunding oil and gas".
- ^ "EnergyFunders Secures More Than $500,000 For Two Texas-Based Projects in Under Two Months – Crowdfund Insider". 25 October 2016.
- ^ "FINRA Accepts Membership of its First Equity Crowdfunding Portal Exclusively for Investments in the Energy Industry, Opening Oil and Gas Investments and Clean Tech Startups to the Public". Retrieved 2018-01-24.
- ^ "EnergyFunders Announces Changes to the Board of Directors – Market Screener". 20 May 2020.
- ^ "From 'Friend' and 'family confidant' to jailed fraudster, the case of ex-attorney Chris Pettit – San Antonio Express-News". 21 February 2024.
- ^ "Reddit – Energy Funders - What is your experience".
- ^ "Former San Antonio Lawyer Sentenced to 50 Years for Wire Fraud, Money Laundering – United States Attorney's Office Western District of Texas". 21 February 2024.
- ^ "Jobs Act Title III Impact – Jobs Act Summary – Crowdfunding News". 14 December 2015.
- ^ "Wanna cash in on oil? Here's a new way to invest". www.bizjournals.com. Retrieved 2021-03-02.
- ^ "EnergyFunders Rolls Out One Of The Largest Platforms To Crowdfund US Oil And Gas Projects – Crowdfund Insider". 10 November 2015.
- ^ "Crowdfunding OIL & GAS – News, Information and References for CrowdfundingCrowdFund Beat". crowdfundbeat.com.