The SEC has filed a lawsuit against a Kentucky oilman who investors say swindled them out of millions at the same time he was throwing his daughter a lavish 16th birthday party on a reality TV show. The SEC's suit alleges that Gary Milby set up a fraudulent oil-and-gas investment scheme and misappropriated about $12 million of investors' money. During the time Milby was recruiting investors, he was featured on MTV's "My Super Sweet 16," giving his daughter a new BMW and a shopping spree.
September 24, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A new federal lawsuit reveals more information about the finances of a Kentucky oilman who investors say swindled them out of millions at the same time he was throwing his daughter an extravagant 16th birthday party on a reality TV show.
The U.S. Securities and Exchange Commission said in a complaint filed recently in a Kentucky federal court that Gary Milby spent millions of investors’ money on vehicles and personal trust funds.
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