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Violation Tracker Individual Record

Company: Brooge Energy Limited
Penalty: $5,000,000
Year: 2023
Date: December 22, 2023
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: accounting fraud or deficiencies
Violation Description: According to the SEC order, before and after going public through a special purpose acquisition transaction, Brooge, whose securities trade on NASDAQ, misstated between 30 and 80 percent of its revenues from 2018 through early 2021 in SEC filings related to the offer and sale of up to $500 million of securities. The order found that Brooge created false invoices to support inflating revenues from its oil facilities in Fujairah, UAE by over $70 million over three years.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.