trader53
2 월 전
BROG - Proposed Plan of Distribution
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BROG - Proposed Plan of Distribution
https://www.sec.gov/files/litigation/admin/2024/34-101757-pdp.pdf
https://www.otcmarkets.com/stock/BROG/disclosure
https://www.stockscores.com/charts/charts/?ticker=BROG
https://research.quotemedia.com/home/overview?symbol=BROG
https://www.barchart.com/stocks/quotes/BROG/price-history/historical
https://www.barchart.com/stocks/quotes/BROG/technical-chart?plot=CANDLE&volume=total&data=WO&density=X&pricesOn=1&asPctChange=0&logscale=0&indicators=ACCUM;SMA(50);SMA(100);SMA(20);SMA(200);RSI(14,100);MFI(14,100);SMACD(12,26,9);PTP(50);PTP(50);BOLLW(20,2);BBANDS(20,2)&sym=BROG&grid=1&height=500&studyheight=100
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Nov. 26, 2024
the Plan seeks to compensate investors
who were harmed by the Respondents’
misstatement of revenues in filings
with the Commission
investors will be compensated for their net trading losses
on shares of Brooge common stock
registered with the Commission
and traded under the symbol BROG (the “Security”)
that were purchased between
December 20, 2019 and December 21, 2023,
inclusive (the “Relevant Period”).
On December 22, 2023,
the Commission issued the Order,
which instituted and simultaneously
settled cease-and-desist proceedings against Brooge,
a publicly-traded company
that owns and operates an oil storage facility
in Fujairah, United Arab Emirates
In the Order,
the Commission found that that
Brooge went public through a
special purpose acquisition company (“SPAC”) transaction
in December 2019.
From 2018 through early 2021,
before and after going public,
between thirty and eighty percent of Brooge’s revenues
were unsupported and materially misstated.
After the SPAC transaction,
Brooge registered the offer and sale
of up to $500 million
in different types of securities
with the Commission
and an affiliate of the company
issued $200 million in 5-year senior secured bonds
in the Nordic bond market.
The Commission found that Paardenkooper and Saheb
knew, or were reckless in not knowing,
of this accounting fraud.
The Commission ordered Brooge
to pay a civil money penalty of $5,000,000.00
and ordered Paardenkooper and Saheb
to each pay a civil money penalty of $100,000.00,
for a collective total of $5,200,000.00 to the Commission.
The Commission also created the Fair Fund,
pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002,
so the penalties collected can be distributed to harmed investors.
Respondents have paid in full.
The Fair Fund
has been deposited
in a Commission-designated account
at the United States Department of the Treasury,
and any accrued interest will be added to the Fair Fund.
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