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The Securities and Exchange Commission today (Dec. 4) charged San Diego's Nova Gen Company, its current chief executive Margaret Grey, and sales agent Paul Randall Fraley with making false statements and selling unregistered securities. The company claimed that it had a technology capable of converting coal into bio-diesel fuel, virtually emissions free, and had a plant that was up and running. Both claims were false, says the agency. Also, the claim that Nova Gen had $27 million in a brokerage account was false, says the agency. Fraley, a West Virginia resident, told investors they would get a guaranteed 11% dividend. Grey is the widow of the company's founder.
The Securities and Exchange Commission today (Dec. 4) charged San Diego's Nova Gen Company, its current chief executive Margaret Grey, and sales agent Paul Randall Fraley with making false statements and selling unregistered securities. The company claimed that it had a technology capable of converting coal into bio-diesel fuel, virtually emissions free, and had a plant that was up and running. Both claims were false, says the agency. Also, the claim that Nova Gen had $27 million in a brokerage account was false, says the agency. Fraley, a West Virginia resident, told investors they would get a guaranteed 11% dividend. Grey is the widow of the company's founder.