It seems that the year 2020 can’t get bizarre enough. Today, it was revealed that former Enron CEO Jeffrey Skilling, whom was released last year from a 14 year prison term related to the collapse of the energy firm, is currently in the process of raising funds for that of a digital marketplace for oil and gas investors.
The operation, which is expected to be operational by year end, will allow investors to buy stakes in operating oil and gas wells. Investors can own stakes in up to ten wells, and are being sold as a “high yield investment.”
Referred to as Veld, LLC, the company has been in development evidently for two years based on knowledge from undisclosed sources to Reuters. The operation evidently intends to generate revenues by charging operators a marketing fee for listing stakes in the producing wells for sale, while also offering analytical data to investors in relation to the wells.
It’s unclear just how much Skilling is looking to raise for the venture.
Skilling resigned from his role at Enron months before the oil giant ultimately collapsed. Years later he was sentenced to 24 years in prison on charges of conspiracy, securities fraud, insider trading, and lying to auditors in connection with the collapse.
Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
