On August 6, 2014, the SEC initiated cease-and-desist proceedings against Miller Energy Resources, Inc., Paul W. Boyd, and David M. Hall, as well as public administrative proceedings against Boyd and Carlton W. Vogt, III. According to the SEC, the case "involves financial accounting and reporting fraud, as well as audit failures, related to the valuation of certain oil and gas assets acquired by Miller Energy." The SEC alleges that as a result of its fraudulent valuation, Miller Energy filed with the Commission financial reports that materially misstated the value of its assets.

On August 6, 2015, the SEC announced that it instituted administrative proceedings against Miller Energy Resources, Inc., Paul W. Boyd (its former chief financial officer), and David M. Hall (its current chief operating officer). The SEC alleged that Miller Energy, Boyd, and Hall "inflated values of oil and gas properties, resulting in fraudulent financial reports for the Tennessee-based company." The SEC also charged Carlton W. Vogt III, the audit team leader at Sherb & Co LLP, Miller Energy's former independent auditor.

On August 7, 2015, Chief Administrative Law Judge Brenda P. Murray issued this order scheduling a hearing for September 3, 2015 and assigning Administrative Law Judge James E. Grimes to preside over the proceedings.

On August 14, 2015, ALJ James E. Grimes entered this order postponing a previously scheduled September 3, 2015 hearing. ALJ Grimes also scheduled a prehearing conference on August 31, 2015.

On August 26, 2015, Administrative Law Judge James E. Grimes issued an order postponing a prehearing conference originally scheduled for August 31, 2015 until September 14, 2015.

On September 8, 2015, Administrative Law Judge James E. Grimes granted defendant Miller Energy Resources, Inc.'s unopposed request to extend its answer deadline.

On September 23, 2015, an SEC administrative law judge issued an Order Granting Request to Extend Answer Deadline. Miller Energy Resources, Inc. made an unopposed request for an extension to file an Answer to the SEC's August 6, 2015 Order Instituting Administrative and Cease-and-Desist Proceedings. The administrative law judge gave Miller Energy Resources, Inc. until October 6, 2015 to file an Answer.

On October 2, 2015, administrative law judge James E. Grimes ordered that the administrative proceeding hearing will take place in Knoxville, Tennessee.

On October 8, 2015, administrative law judge James E. Grimes issued an order granting an unopposed request from Miller Energy to extend its deadline to file an Answer to October 20, 2015. The extension was the third extension request from Miller Energy that administrative law judge James E. Grimes granted to Miller Energy.

On October 20, 2015, Administrative Law Judge James E. Grimes granted three unopposed requests from Miller Energy Resources, Inc. to extend its deadline to file an Answer to the Order Instituting Proceedings.

On October 29, 2015, Administrative Law Judge James E. Grimes rescheduled the hearing in the matter for February 1, 2016.

On November 4, 2015, Administrative Law Judge James E. Grimes granted defendant Miller Energy Resources, Inc.'s unopposed request to extend its answer deadline.

On November 10, 2015, Administrative Law Judge, James Grimes, ordered that "a telephonic prehearing conference be held on November 19, 2015, at 1:30 p.m. EST."

On November 19, 2015, Administrative Law Judge James E. Grimes granted the joint motion of Miller Energy Resources, Inc. and the Division of Enforcement to stay the proceeding based on an agreement in principle to "a settlement that will resolve the proceeding as to Miller Energy on all major terms."

On November 20, 2015, Administrative Law Judge, James E. Grimes, ordered that "by December 2, 2015, the Division and/or the Office of the General Counsel shall submit a privilege log and declaration, or similar evidence, sufficient to invoke the privileges on which they seek to rely."

On December 16, 2015, Administrative Law Judge James E. Grimes ordered that the hearing in this matter shall be held in an alternate courtroom on the original date, February 1, 2016.

On January 2, 2016, Administrative Law Judge James E. Grimes granted the joint motion to stay the proceeding as to Carlton W. Vogt, III, CPA, based upon his and the Division of Enforcement's agreement in principle to a settlement.

On January 12, 2016, the SEC instituted settled administrative proceedings against Miller Energy Resources, Inc. for financial accounting and reporting fraud, as well as audit failures, related to the valuation of certain oil and gas assets acquired by the company. According to the Commission, the company purchased assets for $2.25 million during a competitive bid in a bankruptcy proceeding. It then reported those assets at an overstated $480 million, thereby failing to account for the acquisition in accordance with GAAP.

The Commission ordered that: "Heffler, Radetich & Saitta, LLP is appointed as the Tax Administrator for the QSF in the above-referenced proceeding."

The Commission ordered that: "GBP is appointed as the fund administrator . . . and shall obtain a bond in accordance with Rule 1105(c) of the Commission's Rules,10 in the amount of $7,241,124.92."

The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has submitted to the Commission a proposed plan of distribution (the “Proposed Plan”) for the distribution of monies paid, along with any additional funds collected, in the above-captioned matters."

The Commission stated: "The Division of Enforcement submits this Proposed Plan of Distribution."

- this matter stems from financial accounting and reporting fraud, as well as audit failures, related to the valuation of certain oil and gas assets in Alaska acquired by Miller Energy - civil penalty was charged, a fair fund formed and plan of distribution approved

- On August 6, 2015, the SEC instituted public administrative and cease-and-desist proceedings against Miller Energy, its former officers Boyd and Hall, and Vogt, the engagement partner at a now defunct independent audit firm who audited Miller Energy's financial statements for fiscal year 2010. The SEC later resolved these proceedings by separate settled orders as to Miller Energy6 on January 12, 2016 and as to Boyd, Hall, and Vogt on June 7, 2016. - In the Orders, the SEC found that the Miller Energy Respondents engaged in financial accounting and reporting fraud, as well as audit failures, related to the valuation of certain oil and gas assets in Alaska acquired by Miller Energy. Miller Energy, an oil and gas company headquartered in Houston, Texas, purchased these assets for $2.25 million in cash -- along with the assumption of certain liabilities it valued at approximately $2 million -- during a competitive bid in a bankruptcy proceeding in December 2009. - Miller was ordered to pay civil penalties and a fair fund was established accordingly