A securities fraud case that has bounced around in the Colorado courts for eight years may not be over just yet.
Brandon Davis, on behalf of himself and Heartland Energy Development Corporation, said in a statement this week that he would appeal a Denver District Court ruling that said his company violated the Colorado Securities Act including committing fraud in connection with the sale of interests in oil and gas drilling projects.
“We are obviously extremely disappointed in the Denver District Court ruling and will certainly be appealing the decision at the earliest possible time," Davis said. "I am confident that our appeal will show that the company was run with the utmost transparency and in the best interest of those individuals who created partnerships with us."
Colorado Securities Commissioner Gerald Rome said he counts this week's court ruling as a big win. And he said he'll ask the court in an upcoming hearing for the defendants to pay back $65 million that he said investors lost in the oil and gas deals. The date for the restitution hearing has not ben set.
