SEC Accuses Geotec, Execs Of Fraud Scheme

Law360, New York (July 7, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has sued coal company Geotec Inc. and three of its executives for allegedly organizing a scheme involving the fraudulent issuance of shares and another scheme involving coal transactions.

In a civil complaint filed Thursday in the U.S. District Court for the Southern District of Florida, the SEC accuses Geotec, former CEO William Richard Lueck, current CEO Bradley T. Ray and current Chief Financial Officer Stephen D. Chanslor with fraud and reporting, books and records, and internal controls violations.

The complaint...
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