Two men who helped sell interests in oil securities in a bankrupt oil company in California face $97 million in oil securities claims with charges of fiduciary duty, constructive fraud, and negligence.
Behrooz Sarafraz and Alfred Lopez were sued in 2013 after $97 million in securities of Tri-Valley Corporation were sold. Approximately $95 million of the securities were sold through unlicensed brokers who were paid commissions unlawfully.
Sarafraz and Lopez worked together and were aware of the alleged misconduct, according to attorneys for investors. The two men marketed and sold Opus investments, which were special investments sold in $1 million increments but then broken down into smaller parts via aggregators.
The U.S. Securities and Exchange Commission (SEC) investigated Sarafraz for the oil securities claims, resulting in a judgment finding that he violated securities laws in connection with his sale of Opus investments.
Call a Los Angeles Securities Fraud Attorney Today
If you invested with Behrooz Sarafraz, Alfred Lopez, or in Tri-Valley Corporation, you may have certain legal rights that require your immediate attention.
Contact an experienced Los Angeles securities fraud attorney today for a consultation to discuss your rights and options.