Provident Trustee, SEC Settle Ponzi Case For $2.4M

Law360, New York (July 21, 2011, 6:34 PM EDT) -- The U.S. Securities and Exchange Commission has reached a $2.4 million settlement with the receiver for defunct energy investment firm Provident Royalties LLC, which was accused of running a $485 million Ponzi scheme, according to court filings in Texas on Wednesday.

In a motion for partial final judgment, the SEC and receiver Dennis L. Roossien Jr. agreed to disgorgement of $260,000 from the company's broker-dealer Provident Asset Management LLC and of $2.16 million from entities run by Provident co-founder Joseph Blimline.

"The commission and the receiver...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Securities and Exchange Commission v. Provident Royalties LLC et al


Case Number

3:09-cv-01238

Court

Texas Northern

Nature of Suit

Other Statutes: Securities/Commodities/Exchange

Judge

Sam A Lindsay

Date Filed

July 1, 2009

Law Firms

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.