Oil and Gas or Natural Resources
Scammers try to get people to invest in fake oil and gas companies or fake investments tied to natural gas, wind, and solar energy.
How it works
Scam artists approach investors through emails and phone calls with false reports of an "up-and-coming" opportunity to become involved in an oil and gas limited partnership. Scammers follow the headlines and build a pitch around what is in the news. They will tell investors that a large oil or gas company has invested in this venture to make it sound legitimate. They may have a legitimate-looking website, glossy brochures and research. Promotional material may also include falsified reports about actual drill sites and production estimates.
How to protect yourself
- Check that the individual and firm selling the investment are registered in New Brunswick. Use the National Registration Search Tool.
- Get as much written information as possible about the investment. It should include detail about the risks and costs of the investment, and what you have to do to get your money out.
- Be wary of terms like "expert geologist reports," and claims of "tremendous discoveries in the ground at adjacent wells/drill sites." These oil and gas company "headquarters" and "drilling sites" often do not exist.
- If you’re unsure, get a financial professional such as an accountant, lawyer or a financial advisor to evaluate the investment.
How to report it
If you suspect you’re a victim of a natural resources scam, or attempted natural resources scam, complete the FCNB Submit a Complaint form.
FCNB administers and enforces legislation in the mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, cooperatives, and a wide range of other consumer legislation. If your complaint relates to an area outside of FCNB’s regulated areas, we may refer you to the appropriate reporting agency or organization.