Judge denies attempt by former Penn West executives to dismiss SEC charges

first_imgCALGARY, A.B. – A New York judge has dismissed attempts by two former finance executives at Calgary-based Penn West Petroleum Ltd. to overturn fraud-related charges brought by the U.S. Securities and Exchange Commission.In a decision filed Monday, Judge Gregory Woods says former chief financial officer Todd Takeyasu and accounting vice-president Jeffery Curran are correct in arguing the SEC has little evidence of a personal motive for them to have acted fraudulently in the case.But he added there is support for the SEC’s argument that the two were aware that accounting irregularities were taking place and did little to stop them or strengthen internal controls.- Advertisement -The SEC charges were laid against Penn West and three executives a year ago, shortly after the company changed its name to Obsidian Energy Ltd. None of the allegations have been proven in court.Obsidian Energy announced a US$8.5-million settlement with the agency in November. The third executive, Waldemar Grab, agreed to a settlement earlier last year.The SEC alleges hundreds of millions of dollars were moved from operating expense accounts to capital expenditure accounts to improve the appearance of the company’s operating metrics, an activity that led to the company having to restate its financial statements in 2014.Advertisement In 2016, Penn West paid $53 million to settle class action lawsuits by Canadian and American shareholders.last_img read more

Gokhan Inler to choose Leicester City or Schalke switch by end of the week

first_imgGokhan Inler will decide by the end of the week whether to join Leicester City or Schalke.The midfielder has offers from both clubs on the table after Napoli accepted bids for his services.Besiktas and Fiorentina had previously been interested, while West Ham were also monitoring the situation.However, according to TMW, it is now a straight fight between Leicester and Schalke for Inler’s signature.The German side are reportedly offering the Switzerland international the bigger pay-packet, but the 31-year-old is still very keen to play in the Premier League.Both parties are keen for a swift resolution to be found and it is expected that Inler will decide his future by the end of the week. 1 Gokhan Inler last_img read more

For the record

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWhy these photogenic dumplings are popping up in Los Angeles160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! A headline Tuesday incorrectly said a mistrial was declared in a Lancaster slaying. In fact, the slaying occurred in Palmdale.last_img read more