Energex CEO's Assets Frozen In $9.5M Fraud Suit

Law360, New York (September 2, 2011, 3:02 PM EDT) -- A New Jersey state judge on Friday froze the assets of Energex Systems Inc. and its CEO Thomas Fagan at the request of state securities regulators who claim Fagan ran a $9.5 million investment scam.

Judge Harry G. Carroll also appointed an independent monitor to oversee Energex and two other companies led by Fagan that are implicated in the fraud — Arbios Acquisition Partners LLC and Arbios Systems Inc.

The New Jersey Bureau of Securities filed suit in July, alleging that Fagan peddled unregistered shares in...
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