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U.S. SEC charges oilfield services firm, former executive with disclosure failures

by Mike Robinson

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© Reuters. FILE PHOTO – The logo of the U.S. Securities and Exchange Commission is displayed on a Washington office door, at the SEC Headquarters in Washington. June 24, 2011. REUTERS/Jonathan Ernst

WASHINGTON, (Reuters) – The U.S. Securities and Exchange Commission announced Monday that ProPetro Holding Corp (Texas-based oilfield service company) and its founder and former chief operating officer had agreed to resolve allegations they did not disclose certain executive perks and stock promises.

Without admitting or denying the SEC’s findings, ProPetro and former CEO Dale Redman agreed to cease-and-desist from further violations, and Redman agreed to pay a $195,046 penalty, the agency said in a statement.

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