03/19/2011 02:50 pm ET Updated May 25, 2011

St. Anselm Exploration Co. Accused Of Ponzi Scheme By SEC

Federal regulators have filed suit against a Denver-based oil and gas exploration company and four of its officials, accusing them of a "Ponzi-like" scheme that may have left roughly 200 investors out a total of more than $62 million.

The U.S. Securities and Exchange Commission sought injunctions to stop St. Anselm Exploration Co. and four of its officials from selling high-interest promissory notes that it alleged were being used to finance payments to earlier investors.

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