|  | | 2008 News and Press Releases | | |
SETTLEMENT NEWS:
Energytec CEO Lied About Past Legal Troubles: SEC
Jesse Greenspan
Securities Law 360. April 25, 2008
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EXCERPT: The former chief executive of Energytec Inc. has agreed to pay $50,000 to settle charges that he submitted false information about his background to the U.S. Securities and Exchange Commission. In a complaint filed with the U.S. District Court for the Northern District of Texas, the SEC alleged that Don L. Lambert failed to disclose his prior federal securities fraud conviction and his multiple bankruptcies when he was hired by Energytec. Lambert also allegedly failed to disclose that he had forfeited his Texas law license to avoid being disbarred. In addition to the $50,000 fine, Lambert was barred from serving as an officer or director of a company. He left Energytec in January. Meanwhile, the company is facing a deluge of litigation accusing it of operating a ponzi scheme to defraud investors. According to a number of lawsuits filed late last year, Energytec used unregistered broker-dealers to sell unregistered securities. The company also allegedly made false and misleading statements that lulled the plaintiffs into thinking their investments were secure, filed false reports with the SEC and breached their contracts with the plaintiffs.
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