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The Securities and Exchange Commission (SEC) has banned Paul Randall Fraley from the securities industry. The commission's complaint said that from 2006 to 2009, he raised more than $2.3 million through an unregistered offering of Nova Gen stock. He misrepresented the company's assets and revenues, said it would soon go public and yield 11%. But Nova Gen never had any assets, operations or revenues, says the agency, which barred Fraley from association with people in the business. Nova Gen, based in San Diego, was a purported bio-diesel company that the SEC in 2009 charged with making false statements about its supposed emissions-free coal conversion technology and its financial condition. The company said it could convert coal into bio-diesel fuel.

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