Braintree Chief Told To Pay $3M In Fraud Suit Deal

Law360, New York (January 5, 2009, 12:00 AM EST) -- The head of Braintree Energy Inc. has been ordered by a court to hand over more than $3 million as part of a deal to resolve allegations by the U.S. Securities and Exchange Commission that he masterminded a massive fraud against hundreds of investors.

The SEC said Monday that the U.S. District Court for the District of Massachusetts entered a final judgment by consent against Braintree principal Howard Graham and a default judgment against the now-defunct company itself.

The agency alleged in its February 2007 civil...
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