SEC Sues Ex-Oil Co. CEO Over $43M Ponzi Scheme

Law360, New York (April 11, 2011, 9:53 PM EDT) -- The U.S. Securities and Exchange Commission on Friday filed a civil complaint against the former CEO of Oklahoma-based Powder River Petroleum International Inc., accusing him of participating in a $43 million Ponzi scheme and other securities fraud.

Brian D. Fox's creative accounting saw Powder River, an oil and gas producer, misstate its revenues by more than 2,400 percent, the SEC claimed in a suit filed in the U.S. District Court for the Norther District of Oklahoma.

The complaint alleges that Fox — who was CEO, chief...
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