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S.E.C. v. BASIC ENERGY & AFFILIATED RESOURCES

Nos. 00-1088, 00-1472.

273 F.3d 657 (2001)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, Lewis G. Mosburg, Jr., Conservator-Appellee, v. BASIC ENERGY & AFFILIATED RESOURCES, INC., et al., Defendants, James C. Brunackey (00-1088); James D. Addabo, et al. (00-1472), Movants-Appellants.

United States Court of Appeals, Sixth Circuit.

Decided and Filed December 3, 2001.

Attorney(s) appearing for the Case

Jane E. Jarcho, Securities & Exchange Commission, Chicago, IL, for Plaintiff-Appellee.

Douglas W. Van Essen (briefed), Phillip S. Stenger, Stenger & Stenger, Grand Rapids, MI, for Movant-Appellee.

J. Andrew Domagalski, Richland, MI, for Defendants.

James C. Brunackey (briefed), Williamsburg, MI, pro se.

Walter L. Baumgardner, Jr. (briefed), Musilli & Baumgardner, St. Clair Shores, MI, for Movants-Appellants.

Before: MOORE and COLE, Circuit Judges; FORESTER, Chief District Judge.

OPINION

MOORE, Circuit Judge.

Holding itself out to the investing public as an energy company, Basic Energy and Affiliated Resources, Inc. ("BEAR") was actually a Ponzi scheme, paying earlier investors out of funds raised from subsequent investors. Before the district court enjoined BEAR's officers and agents on November 9, 1994 from soliciting any additional investments, BEAR had successfully bilked thousands of...

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