Judge OKs SEC Settlement With Clean Energy Startup

Law360, New York (June 1, 2011, 12:20 PM EDT) -- A California federal judge approved a settlement Tuesday between federal securities regulators and a company that raised about $2.4 million by claiming to own technology capable of converting coal into biodiesel fuel despite a lack of proof the technology worked.

U.S. District Judge Michael M. Anello will determine the amount of disgorgement penalties Nova Gen Corp. and CEO Margaret Grey will pay. The U.S. Securities and Exchange Commission said they should pay nearly $95,000 plus interest, the amount the defendants raised between June and October 2009....
To view the full article, register now.