A story in what passes for this morning's PD outlines the details of Villareal's fund — WW Capital III. Basically, a bunch of Mexican oil drilling operations are poised to join forces with a major Texas firm and will then seek a substantial contract from the Mexican state-run oil company.
WW Capital III could own as much as 10 percent of that combined entity. Theoretically, that's big bucks for the Clevelanders who shelled out $50,000 - $1 million in initial investments, but now that the FBI and SEC are allegedly involved in investigating Villareal's fund, the Texas team might be reluctant to follow through.
So it's dicey and potentially calamitous. It's all very sleazy and white-collar. I mean this kid Villareal lives in Gates Mills and seduces potential investors with a pipe organ (he's evidently a pianist of non-negligible talent). It's just hard to muster sympathy for "philanthropists" whose aim in investing millions is making 15-25 percent profits on Mexican oil.
According to Naymik and Larkin at the PD, some investors are simply calling their investment a "bad bet." Others are demanding answers. Still others intend to go down to Mexico themselves.
We welcome readers to submit letters regarding articles and content in Cleveland Scene. Letters should be a minimum of 150 words, refer to content that has appeared on Cleveland Scene, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.
Email us at email@example.com.
Support Local Journalism.
Join the Cleveland Scene Press Club
Local journalism is information. Information is power. And we believe everyone deserves access to accurate independent coverage of their community and state. Our readers helped us continue this coverage in 2020, and we are so grateful for the support.
Help us keep this coverage going in 2021. Whether it's a one-time acknowledgement of this article or an ongoing membership pledge, your support goes to local-based reporting from our small but mighty team.