The fcker got away with fraud!!!
In early 2015 the Company commenced a detailed review of the NPI to determine if any value could be recovered. It was discovered that while Knowlton had acquired oil and gas leases no exploration had been undertaken on the leases, and they had expired. Negotiations were commenced with Knowlton who agreed to return a significant amount of funds to Lucas, however payment was not forthcoming, and there was no evidence that Knowlton had the funds for the payment agreed. In April 2015 Lucas commenced proceedings against Knowlton in Texas for fraud. In May 2015 Knowlton died and thus could not be cross-examined in the Court proceedings. The Court did however allow Lucas’s lawyers to issue subpoenas to obtain information for the proceedings.
Using the subpoena powers Lucas obtained information from bank accounts of Knowlton, his company and his former wife. Those bank accounts include the ones where Lucas deposited money for its NPI interest. The information obtained was subject to detailed examination by forensic experts in Sydney. The conclusion from this detailed examination is that Lucas was the subject of fraud and that there are no known assets from which Lucas could recover money. Accordingly, the directors do not propose to pursue the matter further unless assets are uncovered from which Lucas can recover funds.
It should be noted that Knowlton was also subject to detailed investigation by the USA Internal Revenue Service and Californian Franchise Tax Board, neither of which found assets of Knowlton. In September 2015 Knowlton’s former wife pleaded guilty to fraud and money-laundering charges brought by the Californian Franchise Tax Board, for which she pleaded guilty.
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