SEC Sues Energy Co. Over Unregistered Stock Offering

Law360, New York (June 6, 2013, 5:40 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday sued New York energy company Laidlaw Energy Group Inc., claiming it made more than $1.2 million selling shares in an unregistered stock offering.

The SEC said Laidlaw and its CEO, Michael B. Bartoszek, sold more than 2 billion shares of the company’s common stock, without telling other investors about the sales or registering them with the commission.

The money raised, about $1.2 million, was essentially the sole source of funding for Laidlaw, a microcap company that says it...
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