SEC Targets Texas Energy Co. Over $57M Investments

Law360, New York (December 4, 2009, 5:11 PM EST) -- Texas-based oil company Striker Petroleum LLC has been hit with a lawsuit from the U.S. Securities and Exchange Commission accusing the company of inflating its assets and financial worth by tens of millions of dollars and later using the $57 million it eventually raised from debenture offers for purposes other than those it disclosed to investors.

In a complaint filed Thursday in the U.S. District Court for the Northern District of Texas, the agency accuses Striker of inflating its assets by 413 percent, in one case...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.