🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Burmese immigrant who flipped US oil leases on trial in Los Angeles

Published 01/08/2024, 04:33 PM
Updated 01/08/2024, 05:06 PM
© Reuters.
META
-

(Reuters) - A Burmese entrepreneur who allegedly scammed fellow immigrants from Myanmar by selling them U.S. government oil and gas leases at inflated prices and failing to deliver on a promise to help them drill will stand trial this week in Los Angeles, according to court documents.

The trial, which combines two lawsuits filed on behalf of 21 plaintiffs, comes nearly four years after Levi Sap Nei Thang began a more than $3.5 million buying spree for hundreds of federal and state leases despite having no apparent energy background.

In 2021, Reuters revealed Thang was selling the leases for many times what she paid.

The lawsuits were filed in 2021 and 2022 in California state court in Los Angeles, alleging intentional misrepresentation and negligent misrepresentation on the part of Thang and her various business entities.

In court filings, the plaintiffs describe themselves as blue-collar workers who collectively paid Thang more than $1 million, believing she would help them drill and operate oil wells. Thang marketed the leases to her 125,000 Facebook (NASDAQ:META) followers via posts and live videos, the suits allege.

Thang, who sells perfume, doles out fitness advice for men, and purports to be engaged in both diplomacy and oil and gas development on her web site, is a semi-celebrity in the small Burmese immigrant community.

"The sad truth is that Levi Sap Nei Thang used her status and popularity to intentionally prey on naive immigrants within her own community by selling them oil leases at inflated prices after falsely billing them as great investments on social media," the plaintiffs said in a brief filed in June.

In a separate brief, attorneys for Thang said the plaintiffs had no proof Thang misrepresented herself intentionally or negligently, as they allege.

The non-jury trial was scheduled to start Monday morning and last about five days. Both parties waived their rights to a trial by jury.

Attorneys for both the plaintiffs and Thang did not respond to requests for comment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.