Fraud

‘Frack Master’ Agrees to 12-Year Prison Term, Surrendering $23.8M for Oil, Gas Fraud

The U.S. Securities and Exchange Commission (SEC) has reached a settlement agreement with Breitling Energy Corp. CEO Chris Faulkner, who was charged two years ago with defrauding investors in an $80 million oil and gas scheme.

October 24, 2018

Western Pennsylvania Landman Pleads Guilty to Mail Fraud

One of two landmen accused of defrauding property owners in Washington County, PA, has pleaded guilty to one count of mail fraud in federal court.

September 30, 2013

Pennsylvania DEP Denies Allegations It Skewed Water Tests

A Pennsylvania lawmaker is calling for federal and state authorities to investigate the state Department of Environmental Protection (DEP), alleging that it committed fraud and misconduct when it tested water supplies suspected of being tainted by natural gas drilling.

November 5, 2012

New York Issues Subpoenas Over Production Estimates

The attorney general of New York has issued subpoenas to three companies looking to develop oil and gas resources in the Marcellus Shale, part of an investigation into how the companies calculated production estimates and drilling costs to investors.

August 22, 2011

El Paso Settles SEC Charges of Overstated Reserves

The Securities and Exchange Commission (SEC) Friday charged Houston-based El Paso Corp., two subsidiaries and five former employees with fraud for materially overstating the company’s proved oil and natural gas reserves and misleading investors.

July 14, 2008

El Paso Settles SEC Charges of Overstated Reserves

The Securities and Exchange Commission (SEC) Friday charged Houston-based El Paso Corp., two subsidiaries and five former employees with fraud for materially overstating the company’s proved oil and natural gas reserves and misleading investors.

July 14, 2008

Rosetta Resources Bid to Dismiss Calpine Complaint Denied

The U.S. Bankruptcy Court, Southern District of New York, Thursday rejected a request by Rosetta Resources Inc. to dismiss Calpine Corp.’s allegations of fraud by the oil and gas producer. Calpine made the charges as part of its ongoing Chapter 11 bankruptcy proceeding. A trial is now expected in December.

October 29, 2007

Nicor’s Former CEO, CFO, Treasurer Charged with Financial Fraud

The Securities and Exchange Commission (SEC) last week charged Nicor Inc.’s former CEO, CFO and treasurer with committing financial fraud between 1999 and 2002.

August 13, 2007

Energy Bill Would Order Price Reporting by Jurisdictional Companies

While cracking down on market fraud and abuse with tough new penalties, the draft energy bill also seeks to increase transparency in natural gas prices by ordering regulated entities to report prices to the Federal Energy Regulatory Commission and to price publishers.

November 18, 2003

Wittig Resigns, Westar Names Former COO to Revive Company

Under indictment for fraud, conspiracy and submitting false documents to a federally insured bank in Topeka, KS, David C. Wittig, chairman and CEO of Westar Energy Inc. resigned last week, two weeks after being put on unpaid administrative leave (see Power Market Today, Nov. 15; Nov. 8).

December 2, 2002
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