Water Purifier Co. Execs Ran $9M Investor Scam, SEC Says

Law360, Los Angeles (November 7, 2013, 8:28 PM EST) -- Two former top executives of Basin Water Inc. scammed investors by inflating the company's revenues, enabling one of them to reap more than $9 million in insider trading profits, a U.S. Securities and Exchange Commission attorney said Thursday during closing arguments in the executives' civil fraud bench trial.

The SEC's Karen Matteson said former Basin Water CEO Peter Jensen and former CFO Thomas Tekulve began their alleged scam after Basin Water went public in 2006, and continued it for two years. The company sells systems for...
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