Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Thursday, March 28, 2024 | Back issues
Courthouse News Service Courthouse News Service

Nigerian ‘Man of God’ Is a Fraud, SEC Says

FORT WORTH (CN) - Samuel LeMaire "presented himself as minister and a 'man of God'" who helped needy children in Nigeria, but actually bilked investors of $3 million through his bogus company, Petrogas Overseas Trading, the SEC claims in Federal Court.

The SEC claims that LeMaire raised at least $2.3 million and possible at much as $3.6 million since 2007, "using religion and his purported foundation as a hook". LeMaire has been "lulling" his victims with one excuse or another for 2 years, the SEC says, without paying any of them any profits "or even a return of principal".

But bank records "indicate that LeMaire has used a large portion of the money for personal purposes, including purchasing clothing, jewelry, meals at high-end restaurants, travel and entertainment," according to the complaint. "In fact, it does not appear that any investor funds were used to engage in any oil-related investment or transaction."

LeMaire, of Corinth, Texas, is not a U.S. citizen, but he married a U.S. citizen in August 2009 and is seeking U.S. citizenship, the SEC says. He refused to testify about his Petrogas company after being subpoenaed, the agency says.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...