Striker To Pay $65.5M In SEC Fraud Suit

Law360, New York (December 5, 2011, 9:21 PM EST) -- Striker Petroleum LLC agreed Monday in Texas federal court to pay nearly $65.5 million in combined disgorgements and penalties for allegedly inflating the company's value and swindling investors out of $57 million.

Striker had agreed to a permanent injunction as part of a partial settlement when the U.S. Securities and Exchange Commission first filed suit in December 2009, but the monetary portion of the settlement was not decided at that time.

The company agreed to pay $57.1 million in disgorgement, plus prejudgment interest in the amount...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Securities and Exchange Commission v. Striker Petroleum, LLC et al


Case Number

3:09-cv-02304

Court

Texas Northern

Nature of Suit

Other Statutes: Securities/Commodities/Exchange

Judge

Sidney A Fitzwater

Date Filed

December 3, 2009

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.