The next time a CEO or board member questions the value of internal audit and compliance, just point to the colossal sum of cash that Goldman Sachs is shelling out to settle bribery and corruption charges. The investment bank agreed to pay a whopping $2.9 billion, with a “B,” to Read More
The Securities and Exchange Commission announced a record award to an unnamed whistleblower for providing information leading to a successful enforcement action against securities law violations. The SEC said, in a statement, that the whistleblower took “extraordinary” actions to bring the wrongdoing to light. The $114 million award consists of Read More
The Securities and Exchange Commission today announced charges against technology company HP, Inc. for misleading investors by failing to disclose the impact of sales practices undertaken in an effort to meet quarterly sales and earnings targets. HP has agreed to pay $6 million to settle the charges. According to the SEC, Read More
The Securities and Exchange Commission today announced settled charges against Manitex International, Inc., a Bridgeview, Illinois manufacturer and distributor of cranes, forklifts, and heavy equipment, and three of its former senior executives for two accounting fraud schemes that resulted in the issuance of materially misstated financial statements. According to the Read More
The Securities and Exchange Commission and Fiat Chrysler Automobiles N.V., a London-based public company that sells vehicles through its Michigan-based subsidiary, agreed to settle charges that Fiat made misleading disclosures about an internal audit of its emissions control systems, according to a SEC press release. The SEC found that in Read More
The Securities and Exchange Commission has accused Evolution Lighting Technologies Inc. of committing accounting fraud and falsely inflating its reported revenues over a four-year period. The SEC announced the charges against the Connecticut-based company in a statement released this week. Four Revolution Lighting executives—CEO Robert LaPenta, former CFO James DePalma, Read More
Compliance officers are increasingly seeking technology solutions that improve their teams’ access to financial and operational data, and that provide risk monitoring and mitigation. Earlier this year, the U.S. Justice Department instructed prosecutors to evaluate data access and analysis at the companies they investigate. Recent settlement trends indicate that regulators Read More
The Securities and Exchange Commission is revising corporate disclosure requirements for the first time in more than 30 years. The Commission voted last week to adopt amendments that will modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make pursuant to Regulation S-K. Read More
A unit of finance and insurance corporation American International Group has agreed to a $20 million settlement with the Securities and Exchange Commission regarding sales practices in affiliation with Florida teachers’ unions. The parent company of Valic Financial Advisors, Inc. paid hundreds of thousands of dollars to an entity owned Read More
The Securities and Exchange Commission has sent notice to sports apparel company Under Armour and two of its executives that they could face regulatory enforcement actions for past accounting practices at the company. The company revealed this week that it received a “Wells Notice” of possible enforcement action from the Read More
