DALLAS (CN) - Three investors say a company with the exclusive license to distribute biofuel promoted by country music singer Willie Nelson cheated them of $1.55 million by breaking a promise to register the company with the SEC in time for them to sell shares before their value took a dive.
The investors say Earth Biofuels and its president Dennis McLaughlin III defrauded them of $1.55 million in loans by promising, but failing, to register the company with the SEC in time for them to sell their shares before a severe price decline. Defendants have "the exclusive license to sell and distribute country music singer Willie Nelson's 'BioWillie' biodiesel (fuel)," the complaint states, in Dallas County Court.
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