ASC, SEC accuse Poseidon Concepts of fraud | Financial Post
FP Street
CALGARY A once promising oilfield-services company grossly overstated its revenues london tube map and one of its executives perpetrated an accounting fraud, alleged the Alberta Securities Commission (ASC) and the U.S. Securities and Exchange Commission (SEC) on Friday.
After a joint investigation with the SEC, the ASC released a statement alleging that Calgary-based Poseidon Concepts, which was formed in 2011 to rent fluid-storage tanks to oil and gas companies, released statements where the company falsely reported $106 million in its revenue.
The ASC said Poseidon s CEO, CFO, COO and executive vice-president were all involved, either causing, permitting, authorizing or acquiescing to the incorrect financial statements, which the regulator alleges also misstated $102 million worth of accounts payable.
Regulators alleged that executive vice-president london tube map Joseph Kostelecky, who was in charge of the U.S. accounting at its Denver office, directed london tube map junior accounting staff to book revenues without signed contracts, and otherwise failed to properly maintain the company s books. Mr. Kostelecky has already settled with the SEC, with a fine and a ban from serving as an officer or director of a public company.
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FP Street
CALGARY A once promising oilfield-services company grossly overstated its revenues london tube map and one of its executives perpetrated an accounting fraud, alleged the Alberta Securities Commission (ASC) and the U.S. Securities and Exchange Commission (SEC) on Friday.
After a joint investigation with the SEC, the ASC released a statement alleging that Calgary-based Poseidon Concepts, which was formed in 2011 to rent fluid-storage tanks to oil and gas companies, released statements where the company falsely reported $106 million in its revenue.
The ASC said Poseidon s CEO, CFO, COO and executive vice-president were all involved, either causing, permitting, authorizing or acquiescing to the incorrect financial statements, which the regulator alleges also misstated $102 million worth of accounts payable.
Regulators alleged that executive vice-president london tube map Joseph Kostelecky, who was in charge of the U.S. accounting at its Denver office, directed london tube map junior accounting staff to book revenues without signed contracts, and otherwise failed to properly maintain the company s books. Mr. Kostelecky has already settled with the SEC, with a fine and a ban from serving as an officer or director of a public company.
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Has the Canadian dollar's unprecedented crash hit bottom? london tube map David Rosenberg thinks so
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blog comments powered by Disqus Request Comment Removal
Chief london tube map Business Correspondent
Calgary Herald
Subscriber Services
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