Defendant Name:
Penn West Petroleum Ltd.
Defendant Type:
Public Company
SIC Code:
1311
CUSIP:
70788710
Initial Case Details
Legal Case Name
SEC v. Penn West Petroleum Ltd., d/b/a Obsidian Energy Ltd., Todd H. Takeyasu, Jeffry A. Curran and Waldemar Grab
First Document Date
28-Jun-2017
Initial Filing Format
Civil Proceeding
Case Number
17-cv-04866
Allegation Type
Issuer Reporting and Disclosure
Federal District Court
New York, Southern District of New York
Violations Alleged
•
Sec 17(a) (Not specified)
•
Rule 13a-16 Exchange Act
Additionally,
Todd H. Takeyasu is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Jeffrey A. Curran is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Waldemar Grab is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Rule 12b-20 of the Exchange Act.
Todd H. Takeyasu is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Rule 12b-20 of the Exchange Act.
Jeffrey A. Curran is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Rule 12b-20 of the Exchange Act.
Waldemar Grab is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Sec 13(a) of the Exchange Act.
Todd H. Takeyasu is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Sec 13(a) of the Exchange Act.
Jeffrey A. Curran is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Sec 13(a) of the Exchange Act.
Waldemar Grab is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Rule 13a-1 of the Exchange Act.
Todd H. Takeyasu is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Rule 13a-1 of the Exchange Act.
Jeffrey A. Curran is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Rule 13a-1 of the Exchange Act.
Waldemar Grab is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Todd H. Takeyasu is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Jeffrey A. Curran is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Waldemar Grab is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Todd H. Takeyasu is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Jeffrey A. Curran is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Todd H. Takeyasu is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Sec 17(a) (Not specified) of the Securities Act.
Jeffrey A. Curran is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Sec 17(a) (Not specified) of the Securities Act.
Waldemar Grab is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Rule 13a-16 Exchange Act.
Todd H. Takeyasu is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of 13a-16 Exchange Act.
Jeffrey A. Curran is alleged to have aided and abetted Penn West Petroleum Ltd.'s violation of Rule 13a-16 Exchange Act.
Resolutions
First Resolution Date
20-Nov-2017
Headline Total Penalty and Disgorgement
$8,655,000
Related Documents:
2017-120
28-Jun-2017
Press Release--Civil Action
SEC Charges Oil and Gas Company and Top Finance Executives with Accounting Fraud
According to the SEC: "The SEC's complaint alleges that Penn West Petroleum Ltd. ... fraudulently moved hundreds of millions of dollars in expenses from operating expense accounts to capital expenditure accounts. This alleged fraudulent movement caused Penn West to artificially reduce its operating costs by as much as 20 percent in certain periods, which falsely improved reported metrics for oil extraction efficiency and profitability."
Complaint
According to the SEC: "This action involves violations of the antifraud, recordkeeping, internal controls, and reporting provisions of the federal securities laws arising from a multi-year accounting fraud scheme orchestrated and implemented by the Defendants."
Court Orders Oil and Gas Company to Pay Penalties for Accounting Fraud
According to a litigation release issued November 20, 2017: "A Canadian-based oil and gas company has agreed to pay $8.5 million in civil penalties to settle charges brought by the Securities and Exchange Commission in June 2017 arising from an extensive, multi-year accounting fraud."
Final Judgment Imposing Permanent Injunction and Civil Money Penalty as to Defendant Penn West Petroleum Ltd.
According to the SEC: "The Securities and Exchange Commission ("Commission") having filed a Complaint and Defendant Penn West Petroleum Ltd., d/b/a Obsidian Energy Ltd. ("Defendant") having entered a general appearance; consented to the Court's jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgment Imposing Permanent Injunction and Civil Money Penalty ("Final Judgment"); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment"
SEC Charges Oil and Gas Company and Top Finance Executives with Accounting Fraud
On June 28, 2017, the SEC charged a Canadian-based oil and gas company and three of its former top finance executives for their roles in an extensive, multi-year accounting fraud, stating in a litigation release: "According to the SEC's complaint...they [former finance executives] manipulated the company's operating expenses in order to lower a key publicly reported metric concerning the cost of oil extraction and processing needed to sell a barrel of oil. Penn West allegedly created an internal budget target representing the amount it would improperly move in its publicly-reported financial statements and gave the illusion that it was spending less money to get oil of out the ground."
Other Defendants in Action:
