Oil Co. CEO Looted Investor Funds For Personal Use: SEC

Law360, New York (August 16, 2011, 2:47 PM EDT) -- Federal regulators on Monday sued the CEO of a Colorado energy company for defrauding investors, claiming he promised huge returns on oil and gas investments while instead splurging on a private jet, homes and other lavish personal items.

The suit accuses Geodynamics Inc. CEO Jeffory Shields of treating more than $5 million in investments made since 2010 as “a personal slush fund.” The suit alleges he spent more than $2 million on a Learjet, houses in Colorado and Florida, jewelry, sporting events, cars, and cash transfers...
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