SEC Accuses Texas Co. Of $485M Ponzi Scheme

Law360, New York (July 7, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission announced Tuesday that it had won an emergency asset freeze in a lawsuit it filed against a Texas energy investment firm and its managers for allegedly running a $485 million Ponzi scheme.

In a complaint filed July 1 in the U.S. District Court for the Northern District of Texas and unsealed Tuesday, the SEC accused Provident Royalties LLC and its three managing partners — Paul R. Melbye, Brendan Coughlin and Henry Harrison — of fraudulently selling securities backed by oil...
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.