Oil Execs Must Disgorge $6M Over SEC Fund Scheme Claims

Law360, New York (February 2, 2012, 7:58 PM EST) -- A federal judge on Thursday ordered Rockwell Energy of Texas LLC and its executives to collectively disgorge about $6.2 million in a U.S. Securities and Exchange Commission suit alleging that the oil and gas company deceived investors about the profitability of an energy fund.

U.S. District Judge Keith P. Ellison upheld the SEC's motion for disgorgement in Texas federal court but declined to collect prejudgment interest and third-tier penalties that the SEC requested from Rockwell and its principals, Gregory S. Shindler and Bradley M. James....
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