Wednesday, August 11, 2010

John Schiffner, Swan Energy Inc.

Perhaps Swan Energy Inc. took over Heartland Energy Development Corporation, and it is unclear as to whether it is Swan Energy Inc. or Swan Energy Development Corporation. Nonetheless, a call to the old Heartland Energy Development Corporation phone number will result in a call to the new Swan Energy Inc. I had called to see if any of the principals from Heartland Energy Development Corporation were still available. The purpose is to find out if Swan Energy Inc. is a legitimate company that has taken over the assets of Heartland Energy Development Corporation or to find out if Swan Energy Inc. is just a shell for the old Heartland Energy Development Corporation to continue doing business without suffering the negative press that had come out over the last several years.

If you review my last post, "Is it Heartland Energy Development Corporation, or is Swan Energy Inc. A Real Company?", you will see many references throughout the post citing different cease and desist orders as well as citations and articles about Heartland Energy Development Corporation and their questionable sales tactics.

Out of curiosity, I called the new Swan Energy Inc. to find out if John Schiffner is still associated with the company. My call was transferred to John Schiffner's voicemail right away. So it is apparent that some of the old principals associated with the old Heartland Energy Development Corporation are still there. John Schiffner was of particular interest to me as he seems to pop up frequently in the different complaints that have been filed against Heartland Energy Development Corporation. For example, a simple search for John Schiffner in Google's search engine will result in several different complaints and orders from different states. If you look at this example, John Schiffner was named with Charles Reed Cagle in a order of prohibition from the State of Illinois. It seems that in this order John Schiffner had been cold calling Illinois residents offering to sell them participation interests in a joint venture called Heartland Energy, Inc. The offering documents apparently offered one participation interest unit at a cost of $10,000.00 in the Los Ojeuelos #1 Joint Venture.

It would seem that Heartland Energy Inc (HEI) failed to file with the Secretary of State an application for the registration of the securities described above as required by Illinois Securities Law. In the end, Charles Reed Cagle and John Schiffner, their officers, directors, agents, employees, members, managers, partners, affiliates and successors are prohibited from offering or selling securities in or from the State of Illinois until further Order of the Secretary of State.

So it would seem just by Swan Energy, Inc.'s decision to keep John Schiffner on board, that Swan Energy Inc. may not be all that it seems online. From the beginning of this blog I have questioned if Swan Energy, Inc. is just a new name for the old Heartland Energy Devleopment Corporation or if it was a real acquisition.