SEC Targets Texas Energy Co. Over $57M Investments

Law360, New York (December 4, 2009, 5:11 PM EST) -- Texas-based oil company Striker Petroleum LLC has been hit with a lawsuit from the U.S. Securities and Exchange Commission accusing the company of inflating its assets and financial worth by tens of millions of dollars and later using the $57 million it eventually raised from debenture offers for purposes other than those it disclosed to investors.

In a complaint filed Thursday in the U.S. District Court for the Northern District of Texas, the agency accuses Striker of inflating its assets by 413 percent, in one case...
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