Investors who bought interests into drilling ventures from Primera Energy LLC, a San Antonio company once headed by Brian K. Alfaro, will recover nothing from a bankruptcy reorganization plan confirmed yesterday by a bankruptcy judge, MySanAntonio.com reported. Alfaro has been accused of defrauding investors in the sale of interests in various oil and gas drilling ventures. The investors have more than $18 million in claims, making them Primera’s largest group of creditors. They will receive nothing under the plan, which bankruptcy trustee Jason Searcy said is a liquidation. Searcy is reviewing possible legal claims against Alfaro. Read more.
For a further analysis of commercial fraud, make sure to pick up a copy of ABI’s Fraud and Forensics: Piercing Through the Deception in a Commercial Fraud Case.
