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More Investors Join Energytec Ponzi Scheme Suit

Law360 (November 18, 2008, 12:00 AM EST) -- Additional plaintiffs have joined a lawsuit accusing Energytec Inc. and several of its current and former top executives of operating a Ponzi scheme to defraud investors, each demanding compensation for their losses and punitive damages of $1 million.

A 430-page consolidated complaint filed Monday in the U.S. District Court for the Northern District of Texas brings the total number of plaintiffs to approximately 57. They accuse Energytec of using unregistered broker-dealers to sell unregistered securities and allege that the company's Income Program investments that promised returns...
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