By Katie Buehler (January 24, 2022, 5:52 PM EST) — A Texas federal judge on Monday found that two co-founders of Capital Energy Group LLC orchestrated a $3.9 million Ponzi scheme that promised investors high returns on oil and gas offerings, ordering the pair to pay back the money they gained and prohibiting them from participating in future schemes.
U.S. District Judge Robert Pitman granted the U.S. Securities and Exchange Commission’s September motion for summary judgment against Pennsylvania resident William Milles and Canadian resident Donald Lutzko, finding the agency successfully proved the two targeted about 70 investors in a two-year scheme.
Milles and Lutzko, who represented themselves, failed to establish factual…
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