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by Mike Caswell

The U.S. Securities and Exchange Commission has fined and suspended Mark Korb, who was the chief financial officer of TSX Venture Exchange listing Petroteq Energy Inc. as it made $3.06-million in payments that the SEC said were improper. (All figures are in U.S. dollars.) The SEC said that Mr. Korb, 55, was part of a scheme run by Petroteq's former president, Aleksandr Blyumkin, who misused and misappropriated the company's money. Mr. Korb disregarded accounting rules and certified materially misleading financial statements, according to the SEC.

The penalties for Mr. Korb are contained in an administrative order dated Monday, April 22, and a related civil judgment filed in federal court in Los Angeles. The SEC has suspended Mr. Korb from practising as an accountant before the SEC. The order does not specify a length of time for the suspension, but it does allow him to apply for reinstatement after two years. On top of that, Mr. Korb must pay a $60,000 fine. The sanctions represent a negotiated settlement, in which Mr. Korb has not admitted any wrongdoing.

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