Scottish Director Gets 14-Year Ban for U.S. Oil and Gas Investment Scam Worth Almost £3 Million

The director of a Scottish firm who conned US oil and gas investors to invest through his company has been given a 14-year ban, the International Business Times reported. The Glasgow director took millions from UK investors, assuring them of investing it in American oil and gas companies through a Ponzi scheme. On September 8, the British Insolvency Service announced that 52-year-old Kenneth James Campbell from Glasgow was banned from being the company director of HGEC Capital Limited. On August 16, an Edinburgh court session found Campbell guilty of duping UK investors with £2.8 million. Instead of investing the money in US oil and gas companies in Texas, USA, Campbell spent £2.8 million. He was the sole director of HGEC Capital Limited at the time. HGEC Capital made bold claims of investing in petroleum and natural gas extraction until it went into liquidation in February 2020. The company duped investors from March 2018 to February 2020. After the company filed for liquidation, some of the investors raised complaints against HGEC Capital, leading to an insolvency service investigation. The Edinburgh Court found Campbell took millions from investors from June 2018 to February 2020. Further investigation revealed the Ponzi scheme run by HGEC Capital as Campbell utilised funds from new investors to compensate some of the interest payments of the existing investors. Read more.