Partnership Promoters Face Fraud Charges

Three Los Angeles men were accused by the U.S. Securities and Exchange Commission of defrauding more than 500 investors in a $16-million Ponzi scheme involving the sale of oil and gas partnership interests. The defendants allegedly promised investors in 18 partnerships that they would receive returns of as much as 40% a year. Peter Sacker, Jerry Anderson and Robert M. Kerns were named as defendants in the alleged scheme. Amerivest Financial Group Inc., a Los Angeles broker-dealer owned by Anderson and Kerns, was accused of fraud in the sale of the partnership interests. The general partners in at least 18 allegedly fraudulent partnerships were Whitworth Energy Resources Ltd. and Williston Basin Holding Corp., both owned by Anderson and Sacker, the SEC said. Amerivest allegedly sold partnership interests in which Whitworth and Williston were the general partners. The defendants weren’t immediately available to comment.