SEC Charges Wellco Energy With Oil Venture Scam

Law360, New York (May 15, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has secured a court order freezing the assets of Wellco Energy LLC after accusing the self-proclaimed oil and gas producer, its 29-year-old founder, and three salesman of defrauding investors.

The SEC sought the asset freeze in a civil fraud complaint filed in the U.S. District Court for the District of Colorado on Thursday. The regulator is awaiting a ruling on a motion for a preliminary injunction banning further solicitations to potential investors.

According to the complaint, Colorado Springs, Colo.-based Wellco;...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.