Dennis Stutes deceived my wife and me of $135,000 for promises of big returns from oil and gas wells that his company owned. The wells were supposedly in Oklahoma, Arkansas and North Dakota. We live and work in Lahaina, Maui but used to live in Northern California and knew of Mr. Stutes from there.
Stutes never came through, not even with any statements about how our investment was doing or what it had been invested in. When I first got nervous and started calling for results, he was very smooth and had plausible exuses.
The more time passed, it became obvious that we had been scammed. This was most of my wife and my IRA money that we had worked for over 20 years to accumulate.
Stutes knew that because I told him.
Then we read one day in the Honolulu Advertiser about Dennis Stutes "oil and gas investing scheme". You can read it at
http://the. Honoluluadvertiser.com/article/Sep/04/bz/hawaii809040332.html
I was sick to my stomach. I had convinced my wife this was a good deal. The article said that the State of Hawaii securities commissioner had issued a cease-and-desist order against an oil and gas scheme that netted more than $1 million, and that Dennis W. Stutes was the ringleader and had committed fraud against investors. He was fined $750,000. If he hasn't filed for bankruptcy yet, I'm sure he will, taking even more investors with him.
We found out that some of the wells our money was supposed to go into were already capped and abandoned. That the supposed low risk from producing wells was actually extreme risk because the wells had been abandoned and no longer
produced.
All I can say is STAY AWAY FROM DENNIS STUTES. My wife and I are working an additional 5 years to try and recover from our losses. The guy is an outright thief, and takes your money with a smile because you trusted him. Please. Dont.
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