SEC files complaint against oilman (MTV Super Sweet 16)

[Scurrilous]

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"A new federal lawsuit reveals more information about the finances of a Kentucky oilman who investors say swindled them out of millions at the same time he was throwing his daughter an extravagant 16th birthday party on a reality TV show.

The U.S. Securities and Exchange Commission said in a complaint filed last week in a Kentucky federal court that Gary Milby spent millions of investors' money on vehicles and personal trust funds.

The complaint alleges Milby raised more than $19 million from more than 300 investors between February 2005 and September 2006 in a fraudulent oil-and-gas investment scheme that was based out of Tennessee and Kentucky.

During this time, Milby and his daughter Ariel were featured on an episode of "My Super Sweet 16," an MTV reality show about spoiled rich kids and their outrageously opulent birthday parties.

Investors saw Milby on the show giving his daughter a private helicopter ride, a new BMW and a shopping spree. Overall, the SEC accuses Milby of misappropriating about $12 million."

http://www.businessweek.com/ap/financialnews/D8RQ4KEO0.htm