SEC Settles With Exec Accused Of Fooling Investors

Law360, New York (August 29, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has settled a civil securities fraud suit it filed Thursday against the president of two oil and gas companies who allegedly spent $2.3 million in investor funds to pay for his lavish lifestyle and other undisclosed expenses.

In a complaint filed in the U.S. District Court for the District of Colorado, the SEC charged Donald H. Allen and his two wholly owned companies, H&M Petroleum Corp. and American Energy Resources Corp., with defrauding more than 350 investors nationwide between March...
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