TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

SEC lacks rules but starts filing complaints of fraud

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

Friday, April 26, 2013, 9:17 p.m.
 

The rules aren't even in place yet but allegations of fraud are already flying.

The Securities and Exchange Commission is crafting rules to implement a new law that makes it easier for private firms to raise money from the general public.

The agency has accused a Washington firm and its owner, Daniel Peterson, of using the new law to lure investors into forking over cash for a phony deal that promised “fictitious” returns. Peterson denied the allegations.

The complaint, filed Thursday in federal court in Spokane, Wash., marks the first time the agency has accused someone of referencing the Jobs Act as part of a fraudulent scheme, according to the SEC.

 

Subscribe today! Click here for our subscription offers.
 
 


Show commenting policy

Most-Read Business Headlines

  1. Gasoline prices keep falling in Western Pa.
  2. Marcellus driller Vantage Energy to pay nearly $1M for Greene County well problems
  3. 2 states, 2 different conclusions about fracking
  4. Energy sector adjusts to global oil plummet
  5. Real estate union: Howard Hanna buys Langholz Wilson Ellis
  6. EDMC accused in GI Bill scheme
  7. FedEx to buy product-return firm Genco in e-commerce push
  8. 3 tips to use up health account funds
  9. Kim Komando: Can you get a virus on your smartphone?
  10. 8 Western Pennsylvania hospitals penalized over infections
  11. ExOne Co. moves solidify authority under CEO