Braintree Gets 2nd Sanctions Order In SEC Suit

Law360, New York (August 27, 2008, 12:00 AM EDT) -- A federal judge granted the U.S. Securities and Exchange Commission's second motion for sanctions against Braintree Energy Inc. Tuesday in a civil suit alleging the company scammed investors out of more than $9 million by using exaggerated profit projections to sell fractional interests in oil and gas leases.

Magistrate Judge Kenneth P. Neiman of the U.S. District Court for the District of Massachusetts entered a default judgment against Braintree and its co-defendant and executive Howard Graham of Ontario, Canada, for failing to pay earlier sanctions and...
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