Scam Tries to Rip Off Consumers in False Solicitation About Signal Oil Fraud Settlement
A likely phony law firm is contacting people by phone and offering to send them a portion of funds recovered for investors in a securities fraud case against Signal Oil. The callers claim a Los Angeles, CA law firm called Palmer & Associates has investors’ restitution but will send the money only after receiving a fee equal to 20 percent of the victim’s share of the alleged settlement. They also falsely claim they have a contract with the California Department of Corporations (predecessor agency to the Department of Business Oversight) to disburse the money to defrauded investors. DO NOT SEND MONEY IF YOU RECEIVE ONE OF THESE CALLS. There is no Palmer & Associates law firm in Los Angeles. None of the alleged attorneys described on the Palmer Associates website appears to be licensed to practice law. The Department of Business Oversight (DBO) has not contracted with any law firm, or anyone else, to disburse funds to defrauded investors in any case involving a company called Signal Oil. If you are contacted by a person or persons claiming to represent the Department of Corporations, you should contact your home-state securities regulator or local law enforcement agency.