Texas oilfield services firm ProPetro and former CEO Dale Redman have settled charges that they understated his executive perks by failing to disclose ProPetro had reimbursed him for more than $400,000 in personal and travel expenses.

According to the U.S. Securities and Exchange Commission, ProPetro did not include the expenses, including Redman’s use of his personal Learjet for trips that were not directly related to the performance of his CEO duties, in its proxy statements for fiscal 2017 and 2018. READ MORE