Newspaper article The Canadian Press

Poseidon Concepts Execs Agree to Pay $375,000 in Fines, Accept Market Bans

Newspaper article The Canadian Press

Poseidon Concepts Execs Agree to Pay $375,000 in Fines, Accept Market Bans

Article excerpt

Poseidon execs to pay$375,000 in settlement

--

CALGARY - Three former senior executives at failed Calgary oilfield company Poseidon Concepts have agreed to pay a total of $375,000 and admit to overstating revenue in reports to investors to settle charges filed by the Alberta Securities Commission.

Poseidon was created by Calgary junior producer Open Range Energy in November 2011 to develop and market its oilfield liquid storage systems that resembled gigantic above-ground swimming pools.

The value of the new company's shares soared to $1.3 billion but fell quickly after February 2013 when it announced that it had incorrectly recorded about $100 million in revenue in the first nine months of 2012. Its assets were subsequently sold off by a court-appointed monitor for less than its secured debt, leaving nothing for shareholders. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.