Fake-Gold Mastermind Ruled Liable For Statements

Law360, New York (October 21, 2010, 3:13 PM EDT) -- A federal judge has ruled that the mastermind of a scheme that cost investors up to $4.8 million through fraudulent promissory notes and joint venture agreements backed by a fictitious multibillion-dollar gold mine is liable for false statements used to further the plot.

But Chief Judge Tena Campbell of the U.S. District Court for the District of Utah declined to set fines for Ralph W. Thompson, the former head of Novus Technologies LLC, saying that there was a “genuine issue of material fact” regarding Thompson's state...
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