October 17, 2016
Posted November 7, 2016
Energy services provider Lime Energy Co. will pay $1 million to settle charges for accounting fraud. The SEC’s complaint alleges that Lime Energy improperly recognized $20 million in revenue from at least 2010 to 2012 – recognizing revenue earlier than appropriate to meet internal targets, and even going so far as to book revenue on jobs that didn’t exist. Four former company executives – Utility Division President and Vice President of Operations Joaquin Alberto Dos Santos Almeida and Karan Raina, Controller Julianne M. Chandler, and Executive Vice President James G. Smith – will pay $125,000 in collective penalties to settle charges related to their roles in the misconduct. SEC
Tagged in: Accounting Fraud,