{"id":6167,"date":"2017-06-28T13:49:06","date_gmt":"2017-06-28T18:49:06","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1644"},"modified":"2017-06-28T13:49:06","modified_gmt":"2017-06-28T18:49:06","slug":"sec-cases-oil-gas-company-charged-accounting-fraud-utah-based-broker-dealer-accused-not-complying-anti-money-laundering-laws-hemp-oil-company-allegedly-inflated-assets","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-cases-oil-gas-company-charged-accounting-fraud-utah-based-broker-dealer-accused-not-complying-anti-money-laundering-laws-hemp-oil-company-allegedly-inflated-assets\/","title":{"rendered":"SEC Cases: Oil and Gas Company is Charged With Accounting Fraud, Utah-Based Broker-Dealer is Accused of Not Complying With Anti-Money Laundering Laws, and Hemp Oil Company Allegedly Inflated Assets"},"content":{"rendered":"<br \/>\n<h2><strong>Penn West Petroleum is Accused of Accounting Fraud<\/strong><\/h2>\n<p>The US Securities and Exchange Commission has charged Penn West Petroleum Ltd., now called Obsidian Energy Ltd., and three of its ex-finance executives with involvement in an alleged accounting fraud. According to the regulator, the Canadian-based oil and gas company fraudulently transferred hundreds of millions of dollars in expenses to capital expenditure accounts from its operating expense accounts. As a result, Penn West was able to artificially lower operating expenses by up to 20% during some periods, as well as falsely enhance the metrics having to do with profitability and oil extraction efficiency. These metrics are important for selling barrels of oil.<\/p>\n<p>The SEC is accusing ex-Penn West CFO Todd Takeyasu, ex-VP of Accounting and Reporting Jeffery Curan, and ex-Operations Controller Waldermar Grab of running the <a href=\"https:\/\/www.investorlawyers.com\/\">accounting fraud<\/a>. The regulator claims that the three men violated federal securities laws related to antifraud, books and records, reporting, and internal controls provisions.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/sec-cases-oil-gas-company-charged-accounting-fraud-utah-based-broker-dealer-accused-not-complying-anti-money-laundering-laws-hemp-oil-company-allegedly-inflated-assets\/\"  title=\"Continue Reading SEC Cases: Oil and Gas Company is Charged With Accounting Fraud, Utah-Based Broker-Dealer is Accused of Not Complying With Anti-Money Laundering Laws, and Hemp Oil Company Allegedly Inflated Assets\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Penn West Petroleum is Accused of Accounting Fraud The US Securities and Exchange Commission has charged Penn West Petroleum Ltd., now called Obsidian Energy Ltd., and three of its ex-finance executives with involvement in an alleged accounting fraud. According to the regulator, the Canadian-based oil and gas company fraudulently transferred hundreds of millions of dollars [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3740,3760,3795],"tags":[2821],"class_list":["post-6167","post","type-post","status-publish","format-standard","hentry","category-miscellaneous","category-sec-enforcement","category-sec-settlements","tag-accounting-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC Cases: Oil and Gas Company is Charged With Accounting Fraud &#8212; Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"The US SEC has charged Penn West Petroleum Ltd., now called Obsidian Energy Ltd. with involvement in an alleged accounting fraud.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/sec-cases-oil-gas-company-charged-accounting-fraud-utah-based-broker-dealer-accused-not-complying-anti-money-laundering-laws-hemp-oil-company-allegedly-inflated-assets\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SEC Cases: Oil and Gas Company is Charged With Accounting Fraud &#8212; Investor Lawyers Blog\" \/>\n<meta name=\"twitter:description\" content=\"The US SEC has charged Penn West Petroleum Ltd., now called Obsidian Energy Ltd. with involvement in an alleged accounting fraud.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEC Cases: Oil and Gas Company is Charged With Accounting Fraud &#8212; Investor Lawyers Blog","description":"The US SEC has charged Penn West Petroleum Ltd., now called Obsidian Energy Ltd. with involvement in an alleged accounting fraud.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/sec-cases-oil-gas-company-charged-accounting-fraud-utah-based-broker-dealer-accused-not-complying-anti-money-laundering-laws-hemp-oil-company-allegedly-inflated-assets\/","twitter_card":"summary_large_image","twitter_title":"SEC Cases: Oil and Gas Company is Charged With Accounting Fraud &#8212; 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