To Whom It May Concern,
I appreciate your interest in Puleo Energy and do not take it lightly that you are considering us as a potential partner. In a business that has been overrun with dishonesty, I believe in being brutally honest with our clients. It is how we have been able to be successful and have hundreds of trusted, authentic client relationships.
To continue on our path of honesty, I feel it is important to disclose some mistakes I made when I was young. I entered the energy business in 2010 at the age of 23. In 2011, I co-founded Coastal Energy Consultants LLC, an energy brokerage firm. In 2012, the company began taking limited power of attorney on behalf of our large customers to lock in energy prices at certain strike points in the market. In addition to the many accounts we transacted successfully, we did not handle 5-6 large customers’ contracts properly. The strike prices were very low and we made a terrible decision to only lock in the commodity portion of the contract in order to close the deals and earn a commission. Because the POA did not authorize us to do this, we committed fraud. The un-hedged portion of the contract created a higher energy cost for those customers. The customers were then let out of their contracts by the energy supplier and a large liability was due for “early termination fees” in addition to the customer overages. I was federally indicted in late 2013 and ordered to pay $819,000 in restitution. A copy of the article outlining the indictment is in the following link for your review: https://www.justice.gov/usao-edpa/pr/three-charged-energy-pricing-scheme .
In 2015, after I completed my sentence of incarceration and house arrest, I inquired with State Regulators as to my options to re-enter the energy supply business. They allowed me and our company to re-enter as a subcontractor of a licensed energy broker. From that time until the spring of 2020, we successfully contracted over 500 commercial utility accounts under that structure. In March 2020, we applied for a broker’s license with the Pennsylvania Public Utility Commission and disclosed these former legal matters in our application. On June 18, 2020 we were granted electricity and natural gas broker licenses. Please see our PUC Application and final license approval here by typing our electric and natural gas docket numbers into the “Docket Number” search box.
Electric Docket: A-2020-3021868
Gas Docket: A-2020-3019038
In Summary, I am remorseful for my actions, and believe I have learned a great lesson from my terrible mistake. It is important to me that you are aware of these details. I am working hard to right the wrongs of my past, pay off my debts, and build something my family and I can be proud to call ours.
Owner, Puleo Energy