SEC Gets $50M In Default Judgments For Oil Ponzi Fraudsters

Law360 (January 15, 2020, 8:25 PM EST) -- The U.S. Securities and Exchange Commission picked up four default judgments on Wednesday that order a combined $50 million in disgorgement against three convicted fraudsters and a company they used in an oil investment Ponzi scheme.

A Georgia federal judge granted the agency's motion for default judgments against David R. Greenlee, David A. Stewart and Richard P. Underwood, three men who've each pled guilty in related criminal cases to raising more than $15 million from investors who'd expected to make impressive profits on oil and gas projects.

Each man was sentenced to pay hefty restitutions in their criminal cases, which will offset...

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