August 17, 2022

Two men found liable for running a Ponzi scheme promising oil and gas investors guaranteed returns of 227% or more should hand over more than $2.8 million combined, the SEC told a federal court in Texas.

William J. Milles Jr. and Donald J. Lutzko should have to hand over nearly $2.4 million combined in disgorgement and prejudgment interest and more than $207,000 more each as a civil fine, the agency said in the U.S. District Court for the Western District of Texas.

Judge Robert Pitman in January granted summary judgment in favor of the SEC because there’s no genuine dispute …

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