Akazoo, a music streaming subscription company based in Greece, reached a $38.8 million settlement with the Securities and Exchange Commission (SEC) on Wednesday for allegedly defrauding investors out of tens of millions of dollars related to a 2019 special purpose acquisition company (SPAC) merger.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...