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.

Daily Photo Galleries

Business Photo Galleries

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. Few in Westmoreland County opposed to expansion plan for Mariner pipeline
  2. Rue21 adjusts for tough market
  3. Wolf tax proposal puts Beaver County Shell plant at risk, gas group head says
  4. Oilfield employee cutbacks may benefit long-haul trucking
  5. Western Pa. builders earn top honors for work
  6. Giant Eagle to close all 8 Good Cents locations
  7. Whistle-blower incentives advance
  8. Make me a match: Fidelity to match some IRA contributions
  9. Refinery turbulence drives up pump prices
  10. Apple’s foray into cars brings potential woes
  11. Oil stocks drag on Dow, S&P 500; Nasdaq moves closer to record