SEC Seeks $3M Penalty Against Energy Startup's Agent

Law360, New York (June 21, 2011, 5:38 PM EDT) -- The U.S. Securities and Exchange Commission asked a California federal court Monday for a nearly $3 million penalty for an agent who helped a purported energy company raise millions of dollars by fraudulently claiming to own technology capable of converting coal into biodiesel fuel.

The regulator said in a motion for summary judgment that Paul R. Fraley, who served as an agent for Nova Gen Corp. and its CEO Margaret Grey, falsely claimed the company had the technology and a plan to increase revenues when no...
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Case Information

Case Title

Securities and Exchange Commission v. Nova Gen Corporation et al

Case Number



California Southern

Nature of Suit



Michael M. Anello

Date Filed

December 3, 2009

Government Agencies

UK Financial Services

UK Financial Services

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