Ultimate magazine theme for WordPress.

ProPetro, U.S. SEC settle charges on ex-CEO’s undisclosed perks

  • ProPetro Holding Corp
    See all

The firm and regulation agency names proven above are generated mechanically primarily based on the textual content of the article. We are enhancing this function as we proceed to check and develop in beta. We welcome suggestions, which you’ll be able to present utilizing the suggestions tab on the best of the web page.

Nov 22 (Reuters) – The U.S. Securities and Exchange Commission stated on Monday Texas-based oilfield companies firm ProPetro Holding Corp (PUMP.N) and its founder and former CEO Dale Redman have agreed to settle charges for failing to correctly disclose a few of Redman’s government perks and two inventory pledges.

The SEC’s order stated Redman charged ProPetro $380,594 price of non-public and journey bills unrelated to the efficiency of his duties as CEO and didn’t disclose inventory pledges for 2 non-public actual property transactions, the regulator stated in a press release.

Redman resigned from ProPetro final 12 months lower than three weeks after Reuters despatched firm executives a letter searching for feedback for an investigation into the inventory pledges and different features of his monetary affairs.

Register now for FREE limitless entry to reuters.com

The investigation by the SEC discovered that between January 2017 and December 2018, Redman and his relations used company bank cards for roughly $127,698 in undocumented and private bills. The firm additionally incurred $252,896 in charges associated to Redman’s private use of an plane.

Redman has agreed to pay a $195,046 as a part of the settlement. He is presently listed as a manger on an organization known as Commander Downhole Technologies, which was fashioned on Aug. 27, 2021, in response to a Texas enterprise submitting.

ProPetro on Monday issued a press release saying it had entered right into a settlement with the SEC and that it was not required to pay any financial penalty.

Toby Galloway, legal professional for Dale Redman, stated his shopper cooperated with the investigation and was pleased to have it resolved.

Register now for FREE limitless entry to reuters.com
Additional reporting by Kanishka Singh and Chris Prentice; Editing by Mark Porter and David Gregorio

A general view of an equipment yard of ProPetro in Midland, Texas, U.S., February 12, 2020. REUTERS/Liz Hampton/Files

The headquarters of the U.S. Securities and Exchange Commission in Washington, D.C., May 12, 2021. REUTERS/Andrew Kelly

A general view of an equipment yard of ProPetro in Midland, Texas, U.S., February 12, 2020. REUTERS/Liz Hampton/Files

Comments are closed.