A Las Vegas man was barred Friday from appearing or practicing before the Securities and Exchange Commission as an accountant as part of a settlement of SEC allegations that he violated federal securities laws in an audit of a Woodland Hills, Calif.-based energy company.
Kurt Saliger, an auditor for Gas and Oil Technologies Inc. from July 2001 through late 2001, was accused of issuing false reports that claimed the company's financial statements for the year ended Dec. 31, 2000, and for the period ended June 30, 2001, were in compliance with accounting and auditing standards.
Saliger, who was accused of failing to prepare audit programs, conduct audit risk assessments and of issuing unqualified audit reports certifying that Gas and Oil's financial statements complied with accounting principles, agreed to pay $6,072 in restitution as part of the settlement.
Saliger, who the SEC said did not admit or deny the allegations, could not be reached for comment on the SEC's allegations.
Separately, the SEC, in an Aug. 2 complaint against Gas and Oil, accused the company of improperly recording as both an asset and income $21.75 million from the purchase of several patents, allegedly without receiving "any persuasive evidence of either the fair value of the patents or their cost at the date of acquisition."
Gas and Oil could not be reached for comment on the SEC's allegation.
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