Jan 12
2005

Nicholas Mitsakos, of Lewisville, Texas, as President of Petromerica Resources, LLC was indicted on January 12, 2005 in the US District Court, Eastern District of Texas, Sherman Division on one count of securities fraud, one count of wire fraud and 22 counts of mail fraud. Mr. Mitsakos is charged with selling or causing to be sold interests in oil and gas projects, the majority which were located in Texas, to investors located throughout the United States. The indictment also alleges that Mr. Mitsakos represented that investor funds would be used in specific oil and gas projects when in fact, only a portion of investor funds went to oil and gas projects and the majority of the funds were used for administrative and personal expenses.