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Group Told To Cough Up $51M Over Ponzi Scheme

Law360 (April 15, 2009, 12:00 AM EDT) -- A federal judge has ordered two coal mining companies, an investment firm and a pair of executives to fork over a combined $51 million as part of a deal with the U.S. Securities and Exchange Commission to resolve charges that they scammed investors with a fairy tale involving a Saudi prince and Israeli gold.

Judge Andrew Guilford of the U.S. District Court for the Central District of California entered final judgment Monday against Tri Energy Inc., H&J Energy Co. Inc., La Vie D'Argent, and executives Robert...
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