Freestone Resources Inc. (fka FSNR)

[Dad4487]

If you remember, MEA, water frac filtering team under the leadership of McGhan went flop right off the bat.
Freestone touts McGhan over the job he and another, Erwin did at Hanover.
Which ended up in his release from Hanover.
Snip:
This is what Freestone attaches to:
On December 18, 2003, the Securities and Exchange Commission filed a complaint in the United States District Court for the Southern District of Texas, against Charles D. Erwin, the former Chief Operating Officer of Hanover Compressor Company ("Hanover"), and against Michael J. McGhan, its former Chief Executive Officer, alleging that they orchestrated a managed earnings scheme to inflate the company's reported pre-tax income and meet Hanover's earnings goals and estimates during 2000 and 2001. The complaint alleges that the scheme, together with internal control deficiencies, resulted in the overstatement of Hanover's pre-tax income during the relevant reporting periods in amounts ranging from 4.9% to 22.6%. The SEC's charges against Erwin and McGhan include securities fraud and other securities law violations. To settle the SEC's claims against them, McGhan and Erwin have agreed to pay a combined total of $672,171, and consent to permanent injunctions against future violations of the securities laws and five year bars from serving as an officer or director of a publicly held company.
Now the leader of freestone, lol.
What do you expect?
https://www.sec.gov/litigation/litreleases/lr18514.htm