EnergyFunders is an energy-focused FINTECH crowdfunding company that started with oil and gas.
History
The company was founded in 2013 by Philip Racusin, Roger Gingell, Michael Racusin, and Casey Minshew in Houston, Texas.[1][2] Laura Pommer currently serves as the company’s CEO.[3] It was set up as a crowdfunding platform, in accordance with US Securities regulations.[4] EnergyFunders initially provided accredited investors with access to upstream oil and gas projects from independent operators and producers.[5] Generally these are established small operators that otherwise have limited financing options.[6] The platform first went live in 2014 and was officially released in 2015.[7] In January 2018, the EnergyFunders Marketplace was accepted by FINRA to operate a crowdfunding portal under Regulation CF.[8] EnergyFunders launched an all-new upgraded platform using block-chain technology in early 2018.
On May 20, 2022 EnergyFunders announced that Christopher Pettit has resigned as a director of the Corporation and replaced with Laura Pommer. [9] The San Antonio's attorney's clients claim that he stole more than $250,000,000 of their money. [10]
In early 2023, investors have become increasingly dissatisfied with Energy Funders. Distributions have ceased to be made and updates regarding investments became sporadic with little specifics. Management changed hands to various individuals including Laura Pommer, Jason Eubanks, and now to Virginia Urban Light. Current investors are reporting that not only distributions and updates, but there are significant delays in the release of K1s. Additionally investors note that management refuses to hold virtual meetings with current investors and to provide updates with specific information with how their money has been used in investments. [11]
On February 21st, 2024 a former board member Christopher John Pettit 56, was sentenced in a federal court in San Antonio to 50 years in prison for fraud and money laundering. [12]
EnergyFunders Platform
The EnergyFunders platform provides crowdfunded upstream oil and gas projects to accredited investors,[1] which the company pre-vets before putting them up for offer[13][14] through a team of various professionals in law, geology, technology, and finance.[15] EnergyFunders takes a carried interest from each investment made through its platform.[1][16]
