Striker To Pay $65.5M In SEC Fraud Suit

Law360, New York (December 5, 2011, 9:21 PM EST) -- Striker Petroleum LLC agreed Monday in Texas federal court to pay nearly $65.5 million in combined disgorgements and penalties for allegedly inflating the company's value and swindling investors out of $57 million.

Striker had agreed to a permanent injunction as part of a partial settlement when the U.S. Securities and Exchange Commission first filed suit in December 2009, but the monetary portion of the settlement was not decided at that time.

The company agreed to pay $57.1 million in disgorgement, plus prejudgment interest in the amount...
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