SEC Files Suit Against Former New Generation Biofuels Chairman
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The U.S. Securities and Exchange Commission filed a civil action against Lee S. Rosen, the former chairman of New Generation Biofuels Holdings Inc., alleging he fraudulently avoided reporting his ownership interest in the company.
Rosen will settle with the SEC without admitting or denying the allegations, according to an agency statement today. Rosen will pay a total of $911,484 in fines and will be barred from serving as a company’s officer or director.