Litigation Release No. 25040 / March 2, 2021
Securities and Exchange Commission v. EarthSource Minerals International, LLC et al., No. 6:21-cv-06198 (W.D.N.Y. filed March 1, 2021)
The Securities and Exchange Commission charged New York residents Jason M. Wendt and Armando Costabile with the fraudulent offer and sale of at least $4.7 million of securities to approximately 234 investors through their companies, EarthSource Minerals International, LLC and Abundant Resource Development, LLLP between September 2014 and December 2019. The SEC also charged Florida resident Michael J. Palermo, EarthSource s Chief Investment Officer, with the fraudulent offer and sale of an additional $501,906 of securities to 22 investors through Palermo s company, Premier Minerals International, LLC, and the misappropriation of the majority of the investors money raised.