SEC, Wellco Salesmen Strike Deal In Oil Venture Suit

Law360, New York (March 8, 2010, 2:14 PM EST) -- Two former Wellco Energy LLC salesmen have reached a settlement with the U.S. Securities and Exchange Commission over allegations that they violated securities laws by making false and misleading statements in connection with the sale of interests in four oil and gas prospects.

The SEC filed an unopposed motion Friday in the U.S. District Court for the District of Colorado for a permanent injunction against Patrick Looper and Richard Pacheco.

Without admitting or denying the allegations, Looper agreed to pay $107,200 in disgorgement and prejudgment interest...
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