SEC Fines Chicago Broker $1M For Misleading Energy Offerings

Law360, New York (September 18, 2012, 7:47 PM EDT) -- A Chicago broker-dealer will pay a $1 million fine and its founders will be penalized tens of thousands of dollars apiece to settle allegations that investors were misled during private equity offerings on behalf of a California alternative energy firm, the U.S. Securities and Exchange Commission said Tuesday.

Advanced Equities Inc. and top executives Dwight O. Badger and Keith G. Daubenspeck admitted no wrongdoing in settling claims that during offerings in 2009 and 2010, Advanced allegedly gave investors bogus information about the energy company’s finances and...
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