The Peiffer Wolf Carr & Kane securities attorneys are preparing to take action on behalf of investors in the allegedly fraudulent investment scheme perpetrated by Harrison Schumacher (“Schumacher”), Quantum Energy, LLC (“Quantum”), and Quaneco, LLC (“Quaneco”).
The Peiffer Wolf Carr & Kane lawyers are preparing to seek compensation for losses allegedly suffered by the Quantum and Quaneco investors.
Schumacher, Quantum, and Quaneco Fraudulently Raised Over $12 Million, According to SEC
Harrison Schumacher and his two companies, Quantum and Quaneco, fraudulently raised over $12 million from investors in five separate, unregistered offerings, according to a complaint filed by the Securities and Exchange Commission (“SEC”). Schumacher and Quantum represented to investors that the money given to them by investors would be used for the purpose of exploring and developing oil and gas resources. However, Quantum and Schumacher used that money to cover undisclosed corporate business overhead expenses and Schumacher’s compensation, according to the complaint.
Schumacher, Quantum, and Quaneco Allegedly Misused Investors’ Funds
Quantum falsely represented to investors that it would make no loans to affiliates and that any contracts with affiliates would be at market rates, according to the SEC. Quantum loaned money to affiliates and executed at least two contracts with Quaneco, according to the complaint. The contracts, which were singed by Schumacher on behalf of both entities, concealed the diversion of investor funds to corporate overhead and Schumacher’s personal use by creating the false appearance that money sent to Quaneco was used to develop oil and gas resources, according to the SEC. Quaneco pocketed the vast majority of transferred investor funds and hired third parties to perform the limited work that occurred for a fraction of the price Quaneco charged Quantum, according to the complaint.
Additionally, Schumacher and his companies commingled the funds in Quantum’s operating accounts, according the SEC. For example, Schumacher used Quantum’s corporate account to pay his personal expenses, including his monthly lease payment on a Porsche, according to the complaint.
Peiffer Wolf Carr & Kane Securities Attorneys Preparing to Take Action
The securities attorneys at Peiffer Wolf Carr & Kane are continuing to investigate the alleged scheme carried out by Schumacher, Quantum, and Quaneco. So far, the Peiffer Wolf Carr & Kane securities attorneys have reviewed hundreds of pages of documents and numerous records pertaining to the alleged scheme. They are preparing to seek compensation for losses that may have been suffered by Quantum and Quaneco investors.
Jason Kane, Joe Peiffer, and the other attorneys at Peiffer Wolf Carr & Kane represent individual and institutional investors who have suffered financial losses as a result of unlawful conduct by financial professionals. They take most of their cases on a contingency fee basis and only get paid for their fees and the expenses they advance if and when they recover money for their clients. The terms of representation are fully disclosed and agreed upon prior to entering into any attorney-client relationship.
Investors who have invested in Quantum, Quaneco, or with Schumacher and would like further information or to discuss the investigation may contact Jason Kane, Joe Peiffer, or James Booker toll-free at 216-589-9280 or by email, at firstname.lastname@example.org, or by filling out the contact form on this page.