Miller Energy Resources Inc. and two of its former executives have been charged with inflating the values of the company’s oil and gas properties in Alaska by more than $400 million.
The Peninsula Clarion reports the U.S. Securities and Exchange Commission announced the charges Thursday against the company’s former Chief Financial Officer Paul Boyd and its most recent CEO David Hall. An accountant from New York was also charged for his role in auditing the company.
Miller Energy, which manages its operations in Anchorage, acquired its Alaska properties for $2.25 million in 2009 and later reported them at a value of $480 million.
Hall, who is no longer the company’s CEO, denies the accusations.
Each of those charged in the case has 20 days to respond to the allegations.