1.09%XLF 19.94 2.92%QQQQ 47.01 1.24%
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WASHINGTON - El Paso Corp. and five of its former executives have settled charges that they fraudulently inflated the company's oil and natural gas reserves, the Securities and Exchange Commission said Friday.
| EP | 16.62 |  0.38 |
The five executives agreed to pay fines of between $40,000 and $75,000 to settle the charges. The Houston-based company, without confirming or denying the allegations, accepted a court injunction barring it from future violations of securities laws.
El Paso allegedly overstated its oil and natural gas reserves by 35 percent from 1999 through the first nine months of 2003, the SEC said.
The company was eventually forced to restate its financial statements for that period and reduce its earnings by $1.7 billion, the agency said.
Richard Wheatley, a spokesman for El Paso, said the company has improved its reserve estimation procedures and added that the allegations occurred under previous management.
"This is a legacy issue," he said. "We're glad to put it behind us."
El Paso shares fell 17 cents to close at $19.57 Friday.
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