Miller Energy Resources and execs charged by SEC for Fraud – HBJ

The U.S. Securities and Exchange Commission has charged Miller Energy Resources Inc., its former CFO and its current COO with allegedly inflating property values, which led to fraudulent financial reports.

Also charged in the matter was the audit team leader at Miller Energy’s former independent auditor, which is now defunct, according to the SEC.

“The allegedly inflated valuation had a significant impact, turning a penny-stock company into one that eventually listed on the New York Stock Exchange, where its stock reached a 2013 high of nearly $9 per share,” the SEC said in a statement.

via Miller Energy Resources and some execs charged by Securities and Exchange Commission – Houston Business Journal.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s