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SEC defendant Arthur settles Petroteq charges

2023-01-25 20:25 ET - Street Wire

Also Street Wire (C-PQE) Petroteq Energy Inc

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by Mike Caswell

Jason Allan Arthur, a Nevada man charged by the U.S. Securities and Exchange Commission for a scheme to tout TSX Venture Exchange listing Petroteq Energy Inc., has reached a deal to settle the case out of court. The SEC claims that Mr. Arthur helped raise millions of dollars for Petroteq and another company while using false names and failing to disclose his compensation. He and a co-accused realized $3.53-million from the scheme, according to the SEC. (All figures are in U.S. dollars.)

Mr. Arthur's settlement is contained in a motion filed on Jan. 23, 2023, in federal court in Ohio. Mr. Arthur has agreed to an injunction barring future violations and to financial sanctions in amounts that the judge will determine. In entering the deal, Mr. Arthur has not admitted any wrongdoing.

The motion is silent on how much money Mr. Arthur will have to pay, but the SEC previously calculated his gains from the scheme to be $1.17-million. As part of the settlement, Mr. Arthur has agreed to disgorge his gains, plus interest. He has also agreed to pay a fine, with the SEC to make a submission to the judge on what it sees as an appropriate amount.

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