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... of lying to investors about certain payments and selling unregistered stock shares. The board contends that the companies' leader, Michael Dannelly, sold unregistered stock shares and units of interest in a joint venture involved with oil and gas wells ... is accused of spending millions of investors' funds at casinos and on other personal expenses. The order also says that Dannelly organized a Ponzi scam and neglected to tell investors that he had was sued for securities fraud. Two sales agents, ...