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Iowa money manager to pay six-figure fine in Texas oil well fraud scheme

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Des Moines Register: A Bettendorf money manager has paid a $112,000 fine after regulators alleged that he illegally sold stakes in fraudulently represented oil well investments. According to a settlement agreement with the U.S Securities and Exchange Commission, Cody Christopher Biggs recruited investors to put their money in funds tied to Texas oil wells. The SEC said the operators of the funds oversold the wells’ prospects, telling investors that some would produce 100 times more oil than they ultimately did.

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