OIL: Trouble for McCarthy

Glenn McCarthy, who made and lost two fortunes in oil, last week was blocked by the SEC in his attempt to make a comeback with a new oil company. When McCarthy first filed a registration statement for 10,000,000 shares of stock he hoped to sell in his new Glenn McCarthy Inc., the SEC challenged him. Had McCarthy spelled out how risky his new venture might be? McCarthy apparently had not; he carefully amended his statement to make clear the "considerable amount of risk" for anyone who put money in his new company. Some...