Basic Energy & Affiliated Resources, Inc.

On November 2, 1994, the SEC filed a civil enforcement action against Michael Schouman, Sarah Delaney, Robert Vecchioni and others in connection with their sale of unregistered securities in Basic Energy & Affiliated Resources, Inc. (BEAR) that was part of a massive Ponzi scheme. Vecchioni headed the sales force that fraudulently sold over $35 million in BEAR securities to approximately 2,000 investors. The SEC has posted numerous litigation releases about the Basic Energy fraud. You can find them by visiting the SEC's website and inserting the words "Basic Energy" in its search engine.

The Court appointed Lewis Mosburg, Jr. as Conservator (same as Receiver).  In addition to the nearly $3 million previously distributed to BEAR investors, the Conservator has sent checks totaling $1,800,000 as a final distribution to investors.

If you have questions, you can send them by email to the Conservator at lewis@stengerlaw.com or call Diana Stanford at (616) 940-1190.

http://www.sec.gov/divisions/enforce/claims/basicenergy.htm