In a case eerily similar to the Onco Petroleum collapse, investors have lost more than $20 million they poured into Echo Energy Inc., a London-based oil and gas exploration firm that drilled near Port Burwell.
Chuck Edey, who followed Conn as president at Echo and backs Fuda, had a simple answer when asked why Echo failed: “There wasn’t the gas there that people thought there was.” Edey said he’s relying on the courts to sort out the Echo collapse.
“I’d like to believe that after the receiver’s done, the Fuda faction and the Conn faction will sit in court and determine who is accountable for what happened,” he said. In the meantime, Edey, who is also president of Leader Resources, a wind power company, is managing Echo for court-appointed receiver KPMG.
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