Three Miami businessmen have been charged with civil fraud by the SEC for promoting penny-stocks of supposed energy companies that were in fact complete shams. The Miami-based firm Wall Street Capital Funding LLC knowingly played a critical role in these scams by creating and distributing promotional material for so called "ghost companies".
PrimeGen Energy Corp. is one such company that in reality never existed. It was supposed to be head-quartered in Bridgewater, New Jersey with operations in Russian oil fields that generated millions in revenues. However, it turns out that PrimeGen's corporate headquarters was a box in a UPS Store, it's phone line was unattended and it's web page was a copy of source code from another company's site. It will be difficult for investors to recover any money in this case because it is probably already in a Caribbean Banking Center account, and the perpetrators are likely long gone across the border by now.