Difference between revisions of "Accounting fraud"

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=='''Improper Asset Valuations'''==
=='''Improper Asset Valuations'''==


*'''<u>SEC v. Miller Energy Resources Inc.</u>'''
*'''[https://www.sec.gov/litigation/admin/2015/33-9881.pdf SEC v. Miller Energy Resources Inc.]'''


On August 6, 2015, Miller Energy Resources Inc. was charged with inflating values of oil and gas properties, resulting in misstated financial statements. According to the SEC’s order, the company overstated the properties’ value by more than '''$400 million''' as a result of the CFO’s relying on a reserve report that did not reflect fair value of the assets. In addition, the CFO double-counted $110 million of fixed assets already included in the reserve report.
On August 6, 2015, Miller Energy Resources Inc. was charged with inflating values of oil and gas properties, resulting in misstated financial statements. According to the SEC’s order, the company overstated the properties’ value by more than '''$400 million''' as a result of the CFO’s relying on a reserve report that did not reflect fair value of the assets. In addition, the CFO double-counted $110 million of fixed assets already included in the reserve report.