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Ohio Utica Shale

Companies go bankrupt, pay $4.5 million federal fine

By Bob Downing Published: August 8, 2012

From the shale drilling blog distributed by Bricker & Eckler law firmin Columbus:

After raising nearly $10 million from investors, a Cuyahoga County group of oil and gas companies collectively known as Preferred Financial Holdings Co. has filed for bankruptcy and agreed to pay $4.5 million to the Securities and Exchange Commission, Crain's Cleveland Business reports.

In the lawsuit, the SEC accused Michael A. Bodanza, the founder and former CFO of the Cuyahoga Heights-based company and its four subsidiaries – Preferred Drilling Co., Preferred Financial Investment Co., Preferred Financial Leasing Co. and Preferred Well Management Co. – of depicting the company’s oil and gas operations “in a positive light” and failing to “disclose to most investors that the company had suffered significant losses from 2007 through 2010,” the article said.

Click  here  to read the full story.

 

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