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ProPetro, U.S. SEC settle charges on ex-CEO’s undisclosed perks -Breaking

by Mike Robinson

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© Reuters. General view of ProPetro’s Midland, Texas equipment yard, U.S.A, 02/12/2020. REUTERS/Liz Hampton/Files

By Liz Hampton

(Reuters) – On Monday, the U.S. Securities and Exchange Commission stated that Texas-based ProPetro Holding Corp and Dale Redman, its founder and former CEO, have settled charges with respect to failing to disclose Redman’s executive perks and stock pledges.

Redman, who was ordered by the SEC to pay $380594 for personal and travel expenses that were not related to his CEO duties, failed to disclose pledges of stock in two private real-estate transactions.

Redman resigned as ProPetro’s CEO last year, less than three months after Reuters sent executives a request for their comments regarding an investigation of stock pledges.

Redman will pay $195 046 as part of this settlement.

ProPetro issued Monday a statement stating that it reached a settlement agreement with the SEC, and was not subject to any financial penalty. Redman was not available for comment.

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