The SEC alleges that shortly after becoming Norstra Energy CEO in March 2013, Glen Landry began making false and misleading claims about business prospects on Norstra website as well as in press releases and SEC filings. Landry and Norstra Energy misled investors about the location of the company property in order to make the wells appear more promising and twice disclosed an inaccurate date to begin drilling operations to make the potential for oil riches appear imminent.The SEC complaint filed in federal court in Manhattan alleges that promotional materials issued by Eric Dany falsely proclaimed that Energy could be sitting on top of as much as 8.5 billion barrels of oil! and said the planned wells had a 99 percent chance of profitability. After the exaggerated statements about its property and prospects caused Norstra Energy stock price to increase nearly 600 percent in a three month period, the SEC suspended trading in June 2013.microcap companies appear to be misleading the investing public, the SEC investigates those promoting the stock as well as the culpability of company officers, said Michael Paley, Co Chair of the SEC Enforcement Division Microcap Fraud Task Force.
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