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SECURITIES & EXCHANGE COMMISSION v. PETROFUNDS, INC.

No. 76 Civ. 2368.

420 F.Supp. 958 (1976)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. PETROFUNDS, INC., et al., Defendants.

United States District Court, S. D. New York.

October 13, 1976.

Attorney(s) appearing for the Case

David H. Belkin, Robert E. Grossman, Andrew L. Leventhal, Washington, D.C., William D. Moran, Regional Administrator, New York Regional Office, S.E.C., New York City, for plaintiff.

Webster & Sheffield, New York City, for defendants McRae Consolidated Oil & Gas, Inc., McRae Oil Corp., Petrofunds, Inc., James A. McRae, David L. Kelley, J. Frank Benson and Bromley DeMeritt; Harvey D. Myerson, William S. Moorhead, New York City, of counsel.

Reboul, MacMurray, Hewitt, Maynard & Kristol, New York City, for defendants Sunny South Oil & Gas, Inc. and Edward C. Dorroh; J. Joseph Bainton, New York City, of counsel.

Lankenau, Kovner & Bickford, New York City, for defendant Osias Biller; Nathaniel J. Bickford, New York City, of counsel.

Martin, Obermaier & Morvillo, New York City, for defendants Raphael, Searles, Vischi, Scher, Glover & D'Elia, Sidney O. Raphael and Edmund D'Elia.

Hargrove, Guyton, Ramey & Barlow, Shreveport, La., for defendants La. Gas Purchasing Corp. and Louisiana Gas Intrastate, Inc.; Ray A. Barlow, Shreveport, La., of counsel.

Rosner Rosner & McEvoy, New York City, for defendants Thomas Leger & Co. and Thomas Leger; Andrew T. McEvoy, Jr., New York City, of counsel.

Fox Glynn & Melamed, New York City, for defendant Bennett J. Roberts, Jr.; John R. Horan, New York City, of counsel.

OPINION

EDWARD WEINFELD, District Judge.

The Securities and Exchange Commission ("SEC") commenced this action against twenty-one individual and corporate defendants, charging them with various violations of the anti-fraud, registration and reporting provisions of the federal securities laws. The charges center about an alleged scheme to defraud investors in oil and gas drilling properties managed by defendant Petrofunds, Inc.1

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