SEC Suit Claims Energy Startup Misled Investors

Law360, New York (December 4, 2009, 1:24 PM EST) -- A company that raised about $2.4 million after claiming to own technology capable of converting coal into biodiesel fuel is being sued by the U.S. Securities and Exchange Commission, which alleges the company misled investors because it has yet to prove the technology.

The agency filed its suit Thursday in the U.S. District Court for the Southern District of California and accused Nova Gen Corp. and CEO Margaret Grey, as well as Paul Fraley, who sought investors for the company, with violating federal securities laws....
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