Two ex-Penn West execs to face SEC fraud charges, judge rules

|By:, SA News Editor

Two former finance executives at Penn West, now known as Obsidian Energy (NYSE:OBE), are ordered by a U.S. District Judge to face SEC charges that they helped create a multi-year accounting fraud to reduce the company's operating expenses.

The judge says the SEC's complaint raised a "strong inference" that the two former execs - one of them former Penn West CFO - had planned to defraud investors.

OBE agreed last November to pay $8.5M in civil fines to settle related SEC charges.

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