Last June a Texas lawyer was charged by the U.S. Securities and Exchange Commission for allegedly bilking his investors in relation to two securities offerings, one involving an oil and gas exploration venture and the other a fracking water filtration business deal. The case was filed against defendant Gregory G. Jones, a Texas attorney, and Aquaphex Total Water Solutions in U.S. District Court for the Northern District of Texas, Fort Worth Division.
Recently in the latest round in the heated litigation, the SEC filed a motion for summary judgment. In its brief in support of the motion for summary judgment, the SEC asserts that Jones should be ordered to pay the following: a total maximum civil penalty of $2,530,000, disgorgement of $985,000 and an additional disgorgement of $480,000, with prejudgment interest of $17,042.39.
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