U.S. SEC Charges Miller Energy with Accounting Fraud

The U.S. Securities and Exchange Commission has charged Miller Energy Resources Inc with accounting fraud for overstating the value of Alaskan oil and gas properties it bought by more than $400 million, transforming a penny stock company into one listed on the New York Stock Exchange.

In an order instituting administrative proceedings, the SEC also accused former Chief Financial Officer Paul Boyd and current Chief Operating Officer David Hall of accounting fraud. An auditor of Miller's financial statements, Carlton Vogt, was also charged, the SEC said on Thursday.

Miller Energy was delisted from the NYSE last week, and now trades on the Pink Sheets.

(Reporting by Jonathan Stempel in New York)