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SEC Alleges Accounting Fraud at Miller Energy Resources

Joe Mont | August 7, 2015

The Securities and Exchange Commission on Friday announced charges alleging that the former chief financial officer and current chief operating officer of Miller Energy Resources, an oil and natural gas production company, inflated values of oil and gas properties, resulting in fraudulent financial reports for the Tennessee-based company.  The audit team leader at the company’s former independent auditor also was charged in the matter.

In an order instituting administrative proceedings, the SEC’s Division of Enforcement alleges that after acquiring oil and gas properties in Alaska in late 2009, Miller Energy overstated their value by more than $400 million, boosting the company’s net income and total assets. The inflated valuation had a significant impact, turning a penny-stock company into one that eventually listed on the New York Stock...

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