Some 23 investors sent about $15 million to fund an Oban Energies LLC oil refinery project, but more than $5 million of it allegedly went toward the manager’s cars, jewelry, and vacations, according to an SEC complaint.
Peter D. Krieger of Jupiter, Fla., was a friend of most of the investors, some of whom were elderly, the Securities and Exchange Commission says. It filed its complaint Monday in the US District Court for the Southern District of Florida.
Krieger, who had exclusive control over the company’s bank account, diverted the funds from January 2017 through August 2020, the SEC says. ...