TheStreetSweeper in the News
- The Wall Street Journal: Northern Oil & Gas Gets a Bear Raid
- The Motley Fool: Northern Oil and Gas Shares Plunged: What You Need to Know
- Barron's: Insider Selling Accelerates at Northern Oil & Gas
- Benzinga: Will Growth Spurt Last for Northern Oil & Gas?
- Benzinga: More Trouble for Northern Oil and Gas
14-Year Term Handed Down In Gentech Fabrication Scandal
A California manufacturing executive who raised $20 million by falsely claiming to have a U.S. Government contract is now going to prison for 14 years. David Lincoln Johnson was the last of three people sentenced in Riverside, as part of a scam that centered around his company, Gentech Fabrication, Inc. City News Service said that in 2003 and 2004, the 73-year-old Johnson sold notes to investors and promised returns as high as 20 percent, claiming Gentech had a contract to develop parts for a new U.S. Air Force cargo plane. It turned out that no such contract existed, and just $1 million of $20 million raised actually went to Gentec accounts. Two other defendants in the case have already received jail terms of 10 years and two years, City News Service said.
