Northern Ethanol, Inc.

A Canadian national whose estimated $25 million of trading losses were blamed for the collapse of Bahamas-based Caledonia Corporate Management financial services group in February has been criminally charged with an unrelated securities fraud in the United States.George Georgiou, 39, was arrested on September 18, 2008 after a criminal complaint was filed against him on the same day at the U. S. District Court for the Eastern District of Pennsylvania. He was initially denied bail but he successfully appealed and was released on October 3 after posting bond of $2 million.