The Securities and Exchange Commission is requesting an injunction and disgorgement order against a former Arthur Andersen accountant accused of securities violations and running a Ponzi scheme in the oil and gas industry.
SEC attorney Matthew J. Gulde of Fort Worth on Monday filed suit in the U.S. District Court of the Northern District of Texas-Dallas against Stephen L. Bailey and the companies he formed and controls to conduct his activities. The defendant companies are Sapphire Exploration LLC and Harris Exploration Inc.
