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Securities Regulation, Keyed to Choi
SEC v. Jensen
Citation:
835 F.3d 1100 (2016)Facts
Peter Jensen founded Basin Water in 1999 to manufacture water treatment units. In 2004, he hired Thomas Tekulve as CFO, who established accounting procedures to prepare the company for going public in May 2006. The SEC alleged that from Basin’s first quarter as a public company through fiscal year 2007, Jensen and Tekulve engaged in a scheme to fraudulently overstate financial results by recognizing revenue from contingent or unfinalized sales and from loans to Special Purpose Entities with no reasonable expectation of repayment. During this period, both officers received hundreds of thousands of dollars in incentive-based and equity-based compensation, and Jensen sold Basin stock realizing approximately $9 million in profit. After the officers left in 2008, Basin restated its 2006 and 2007 financial statements, causing the stock price to fall substantially.
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