Star Energy (OTCBB:SERG) filed a RICO (Racketeer Influenced and
Corrupt Organization Act) lawsuit in "United States District Court"
(Southern District of New York) against RSM Top Audit (Moscow), RSM
International (London), selected principals of the audit firms, and
other individuals. Star is alleging a pattern of racketeering that has
targeted the financial markets of the United States. RSM is one of the
top seven international accounting organizations world-wide.
The suit claims a pattern of conspiracy between individuals at RSM
and a number of outsiders who falsified audits of Russian companies
for the purpose of raising capital in the United States capital
markets. Star is seeking damages in excess of USD 16 million dollars.
Patrick Kealy, President and CEO of Star Energy said: "Having been
involved in global capital markets for over thirty years, this is the
first time that I have witnessed such behavior exhibited by
individuals at an audit firm. It is a sad occurrence when a few
individuals tamper with a structure that is the cornerstone of our US
capital markets system. We intend to vigorously pursue this case to
its resolution, not just to protect Star Energy shareholders, but also
to assist in protecting the shareholder public at large."
About Star: Star Energy Corporation is a U.S.-based public entity
engaged in acquisition, exploration, and development of oil and gas
deposits in Eastern Europe and CIS. The company´s goal is to provide
Western investors with access to a portfolio of natural resource
licenses and operating companies. Additional information can be found
at www.starenergycorp.com.
Safe Harbor Statement: A number of statements contained in this
press release are forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Act of 1995.
These forward-looking statements involve a number of risks and
uncertainties, including the recovery of oil and gas resources, the
successful completion and integration of prospective acquisitions,
competitive market conditions, and the ability to secure sufficient
sources of financing. The actual results Star may achieve could differ
materially from any forward-looking statements due to such risks and
uncertainties. Star encourages the public to read the information
provided here in conjunction with its most recent filings on Form
10-KSB and Form 10-QSB. Star´s public filings may be viewed at
www.sec.gov.
