SEC Drills Energy Co. Over $19M Investment Scheme

Law360, New York (September 17, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has filed charges against a Tennessee-based energy company and its owner for allegedly targeting senior citizens in a $19 million fraudulent scheme.

The SEC filed a suit on Thursday against Gary M. Milby and his company Mid-America Energy Inc. for allegedly violating the securities registration, broker registration, and anti-fraud provisions of federal securities laws. Milby sold alleged stakes in at least 30 oil and gas programs that drilled new oil wells in Adair and Green counties in Kentucky.

The SEC...
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