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SEC's Petroteq defendant Korb denies wrongdoing

2022-09-06 20:42 ET - Street Wire

Also Street Wire (C-PQE) Petroteq Energy Inc

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by Mike Caswell

Mark Korb, the Florida man charged by the U.S. Securities and Exchange Commission over millions of dollars in improper payments made by TSX Venture Exchange listing Petroteq Energy Inc., denies that he did anything wrong. He says that he made no money from the scheme and that he acted in good faith at all times. As he sees things, others are to blame for the problem.

The denials from Mr. Korb come in response to a case that the SEC is pursuing against him for $3.06-million in improper payments that Petroteq made when he was the company's chief financial officer. (All figures are in U.S. dollars.) The SEC claims that he failed to make proper inquiries about the money. In particular, he was reckless or negligent in not disclosing that the money was going to the company's then-president, Aleksandr Blyumkin, or people associated with him, the SEC says.

For his part, Mr. Korb asks that the case be dismissed. His request is contained in an answer that his lawyer filed on Aug. 29, 2022, in federal court in California. The document mostly contains generic denials, with Mr. Korb either outright denying that he did anything wrong or saying that he "is without sufficient knowledge or information" to come to any conclusion with respect to each allegation. Mr. Korb does admit to some routine things, such as being a chartered accountant employed by Petroteq for about seven years.

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