OGJ Newsletter

04/06/2009
General Interest — Quick TakesSEC files charges in oil investment schemeThe US Securities and Exchange Commission charged a Los Angeles man and two of his companies with securities fraud on Mar. 24 and moved to halt their oil and gas investment sales.The commission obtained an emergency court order from a federal district court in Los Angeles to freeze the assets of Clement Ejedawe, also known as Clement Chad, and his companies, Innova Energy LLC and Innova Leasing & Management.SEC said in its complaint that Ejedawe and his companies raised $1.3 million from 30 investors by promising guaranteed returns on working interests in oil and gas leases or drilling equipment. In fact, it ...

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