Law360, New York (August 29, 2011, 4:23 PM EDT) -- A Colorado federal judge on Friday struck a blow to the U.S. Securities and Exchange Commission's $5 million fraud suit against an energy investment company, saying oil and gas wells operated by Geodynamics Inc. may fall outside the commission's oversight.
In denying the SEC's request for a temporary restraining order, Judge Blackburn agreed with Geodynamics that its wells were joint ventures and not securities, and therefore immune to SEC regulation.
Geodynamics — whose CEO Jeffory Shields is accused of spending more than $5 million of investors'...
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