Judge Fines Ex-Novus Chief In SEC Fraud Suit

Law360, New York (June 24, 2011, 4:21 PM EDT) -- A Utah federal judge ordered a former Novus Technologies LLC executive to pay more than $800,000 in disgorgement and penalties Thursday for furthering a $4.8 million plot involving fake promissory notes and joint venture agreements backed by a nonexistent gold mine.

U.S. District Judge Tena Campbell issued the order against Ralph W. Thompson after finding in October that the former head of Novus was liable for making false statements to investors that advanced a scheme the U.S. Securities and Exchange Commission alleged bilked more than 50...
To view the full article, register now.