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In September of 2005, San Diegan David Perez got glowing national publicity for rounding up airplanes to fly victims of Katrina to safety. However, as the Reader pointed out at the time, there were some mice in Perez's basement: he had earlier formed a high tech company that attracted money from a hedge fund whose principals were charged with fraud. Perez had a personal relationship with one principal who later pleaded guilty to tax evasion and conspiracy. Perez's company later failed, wiping out shareholders. In November of 2004, Perez became chief operating officer of San Diego's Surge Global Energy, an oil and gas exploration company operating mainly in Alberta, Canada. The stock was selling for $2.70. On Jan. 31 of 2006, Perez was named chief executive officer with the stock at $2.55. Today, the stock sells for 9 cents a share and the company is steeped in losses. On Jan. 31 of this year, the company admitted that it had understated taxes by $3.6 million to $5 million. Perez resigned six days later and three directors resigned five days after that. Perez claims the company owes him severance; the company denies it. "It's a tough operating environment up there (Alberta)," says David Allen of Palomar Equity Research in North County. There is "an extreme shortage of staffing."
In September of 2005, San Diegan David Perez got glowing national publicity for rounding up airplanes to fly victims of Katrina to safety. However, as the Reader pointed out at the time, there were some mice in Perez's basement: he had earlier formed a high tech company that attracted money from a hedge fund whose principals were charged with fraud. Perez had a personal relationship with one principal who later pleaded guilty to tax evasion and conspiracy. Perez's company later failed, wiping out shareholders. In November of 2004, Perez became chief operating officer of San Diego's Surge Global Energy, an oil and gas exploration company operating mainly in Alberta, Canada. The stock was selling for $2.70. On Jan. 31 of 2006, Perez was named chief executive officer with the stock at $2.55. Today, the stock sells for 9 cents a share and the company is steeped in losses. On Jan. 31 of this year, the company admitted that it had understated taxes by $3.6 million to $5 million. Perez resigned six days later and three directors resigned five days after that. Perez claims the company owes him severance; the company denies it. "It's a tough operating environment up there (Alberta)," says David Allen of Palomar Equity Research in North County. There is "an extreme shortage of staffing."