December 22, 2023

Brooge Energy Limited, former CEO Nicolaas Lammert Paardenkooper, and former Chief Strategy Officer and interim CEO Lina Saheb settled SEC fraud charges for misstating Brooge’s revenues from 2018 to 2021 connected to a $500 million securities sale. Brooge fabricated invoices to support the inflated revenues and provided them to auditors to hide the fraud. Brooge will pay a $5 million penalty for violating the antifraud, proxy statement, reporting, and books and records provisions of the federal securities laws. Paardenkooper and Saheb will each pay $100,000 and are subject to permanent officer and director bars. SEC

Tagged in: Accounting Fraud, Misrepresentations, Securities Fraud,