PGI Energy, Inc. (PGIE)

[nodummy]

Seems to be lots of alleged claims of fraud against both the Russian Oil Companies listed on the PGI website:

Petroneft, LLC - Vladimir Nikolavich Yukachenkov (President)

http://www.pgienergy.us/disclosure/Russian%20Refinery%20Supplier%20Agreement.pdf

Their website http://www.petroneft.net was just created on March 6, 2011 - according to crime stopper sites this is a fraud company.

There is a real Petroneft, LLC company created in 2003 registered in Texas.

https://ourcpa.cpa.state.tx.us/coa/servlet/cpa.app.coa.CoaGetTp?Pg=tpid&Search_Nm=petroneft%20&Button=search&Search_ID=32012841295

But the real one is NOT linked to Vladimir Nilolavich Yukachenkov. The real uses the website http://www.petroneft.com and their president is Dennis Francis.

and

Salyan Oil & Gas which is the more prolific scam company of the two with several references to the company being a scam on the internet.

http://www.pgienergy.us/disclosure/Russian%20Supplier%20Agreement.pdf

Lots of crime stopper warnings out on the internet about the Salyan Oil & Gas from the PGIE agreement. This company uses the website http://www.salyanoilgas.com which was just created in 2010. The Salyan Oil & Gas from the PGIE agreement appears to be a knock off of a real Oil and Gas company with a similar name, Salyan Oil Ltd, which has been around for a very long time and is a huge oil company.


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I guess the biggest question is does PGIE realize they are dealing with two alleged fraud companies?

If PGIE doesn't realize it they need to do a better job of researching these agreements and immediately cut ties with any companies that are frauds. They pay their law firm a lot of money to do just that.

If PGIE does realize they are dealing with fraud companies that should be extremely disconcerting to shareholders because that would make it appear that PGIE is participating in a scheme to try to defraud investors and should make people think twice about investing in this company.