Exclusive: Texas energy fund shuts, founder says millions squandered By Reuters – Investing.com

Exclusive: Texas energy fund shuts, founder says millions squandered By Reuters – Investing.com

© Reuters. FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County

By Shariq Khan (Reuters) - The founder of a Texas oil and gas investment firm that raised about $31 million shut the business this month and acknowledged in a Reuters interview that he had squandered investors' cash on "bad" and "non-arm's-length" deals. Christopher Bentley, who founded Bellatorum Resources LLC in 2016 and raised funds from about 150 wealthy individuals, closed its doors on April 9 and contacted U.S. prosecutors. His firm bought mineral rights in Texas shale fields, betting on appreciation as oil and gas drilling rose. The Federal Bureau of Investigation and Department of Justice are reviewing the company's records, Bentley said in the interview on Tuesday. Bentley has not been charged. The FBI said it does not confirm or deny the existence of any investigations and referred questions on Bentley to the U.S. Attorney's office. A spokeswoman for U.S. Attorney Jennifer Lowery of the Southern District of Texas did not reply to several requests for comment. Alongside this year's spectacular investment busts, Bellatorum's is small. This year's failure of highly leveraged equity investor Archegos