20:38:35 EST Mon 04 Dec 2023
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SEC's Petroteq defendant Korb settles out of court

2023-10-02 20:39 ET - Street Wire

Also Street Wire (C-PQE) Petroteq Energy Inc

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by Mike Caswell

Mark Korb, the former chief financial officer of TSX Venture Exchange listing Petroteq Energy Inc., has settled civil charges he faces over $3.06-million in improper payments. (All figures are in U.S. dollars.) The U.S. Securities and Exchange Commission claims that Mr. Korb was reckless or negligent in handling the money. In particular, he failed to disclose that the money was going to Petroteq's then-president, Aleksandr Blyumkin, or people associated with him, the SEC says.

Word of Mr. Korb's settlement is contained in an application that the SEC filed in federal court in California on Sept. 28, 2023. The SEC's lawyer has asked the judge to stay the case while the SEC commissioners review the deal, a process that usually takes a month or two. Until then, the SEC is not releasing any details. When it filed the case, the SEC sought an appropriate fine for Mr. Korb. (It did not ask for any bans, although there is no telling what the negotiations may have produced.)

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