Litigation Release Number Litigation Release No.
Securities and Exchange Commission V. Peter D. Krieger Civil Action No. 9:23-cv-80398 (S.D. 13 2023) (S.D. 13, 2023)
Peter Krieger, the former manager at Oban Energies, LLC, was charged by Securities and Exchange Commission for misappropriating $5.2 Million of investor funds. Krieger spent the money on luxury cars and jewelery. Oban is an Florida-based firm that focuses on developing a refinery and storage facility for oil in the Bahamas.
According to the SEC complaint, Krieger used to have exclusive access to Oban’s bank account from January 2017 until August 2020 to transfer investor funds to entities that he controlled. The SEC’s complaint alleges that Krieger used his exclusive access to Oban’s bank account from January 2017 until August 2020 to direct investor funds to two unrelated entities he controlled. Krieger has been accused of transferring approximately $3.7million of investor funds into one of his company’s bank account through electronic fund transfers and direct deposits. Krieger moved about $1.5million of investor funds out of Oban’s account into another account that he controlled. This account was then transferred to a trust account of a New York attorney. The attorney transferred the funds back to Krieger’s bank account. Krieger is also accused of using $1.5 million from Oban’s account as investor funds to pay for credit card charges at another entity that he controls.
The SEC filed a complaint in U.S. District Court, Southern District of Florida accusing Krieger of violating the anti-fraud provisions of Securities Act of 1933, and Securities Exchange Act of 1935. He is accused of violating Sections 17 (a)(1), (a)(3), and 10 (b) of Securities Act of 1933, and Rules 10b-5 (a), (c), and (d) thereof.
Krieger agreed to settle his charges by agreeing to a permanent injunction that prevents him from violating these federal securities laws. This judgment includes a permanent injunction based on conduct, which prohibits Krieger’s service as an officer or director for a publicly traded company. It also requires Krieger pay disgorgement, interest and civil penalties. On a future SEC motion, the court will determine the exact amounts. The court has to approve the partial settlement.
Steven J. Meiner, Mark Dee and Jessica M. Weissman of the Miami Regional Office conducted the SEC’s investigations under the supervision Jessica M. Weissman. Stephanie N. Moot, under the supervision of Teresa Verges, will lead SEC litigation.
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SEC
Securities and Exchange Commission, or SEC for short, is an American regulatory agency that supervises the securities sector. The main goal of the SEC is to protect investors, and maintain fair markets. The SEC enforces federal security laws, regulates the securities exchanges and ensures that companies provide accurate, transparent information to their customers. The SEC also supervises mutual fund companies and investment advisors. By enforcing its rules, educating investors, and implementing enforcement actions the SEC hopes to foster confidence in the financial market and facilitate capitalization.
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