SEC Seeks Sanctions Against Texas Mining Exec

Law360, New York (May 25, 2011, 12:12 PM EDT) -- The U.S. Securities and Exchange Commission asked a Texas federal judge on Tuesday to slap a mining executive accused of securities fraud with sanctions for wasting the court’s time with frivolous filings.

Since he was accused of trying to lure investors with a bogus geologist’s report last June, John W. Petros, the owner of Tsukuda-America Inc., has struck back at the SEC with a slew of allegations, including that the agency locked him in its “compound” as part of its “sightless quest to crucify” him....
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