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fatnhappy2

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fatnhappy2

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Thursday, 06/30/2011 7:16:35 PM

Thursday, June 30, 2011 7:16:35 PM

Post# of 9196
SEC NAILS PETER L. JENSEN - BASIN WATER

The SEC alleges that former Basin Water chief executive officer Peter L. Jensen and former chief financial officer Thomas C. Tekulve, Jr. improperly recognized revenue to disguise the company’s true financial performance in its 2006 and 2007 quarterly and annual reports. The SEC also alleges that Jensen sold and donated his own Basin Water shares before the company’s true financial condition was revealed, reaping millions of dollars in trading profits and tax benefits. Basin Water built, sold, and leased water treatment systems that cleaned contaminated groundwater.
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