Racking up its third courtroom loss in recent weeks, the U.S. Securities and Exchange Commission struck out across the board in an accounting fraud case against two former executives from a Southern California water treatment company.
In June 2011, the SEC charged former Basin Water Inc. chief executive officer Peter Jensen and former chief financial officer Thomas Tekulve Jr. with fraudulently inflating the company’s revenue by improperly including revenue from six sales transactions in reports filed with the commission. The commission alleged Basin overstated its 2006 revenues by 13 percent and its 2007 revenues by 74 percent. Jensen was also charged with insider trading.
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