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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-06-06T15:56:00
A Pennsylvania-based electronic payments software company agreed to pay a $1.5 million penalty to settle allegations of accounting fraud levied by the Securities and Exchange Commission (SEC) arising from improper revenue recognition practices.
Cantaloupe, formerly known as USA Technologies (USAT), filed materially misstated financial statements with the SEC beginning in the fourth quarter of fiscal year 2017 through the third quarter of FY2018, according to the agency. The alleged misconduct occurred while the company was preparing a May 2018 public offering, the prospectus of which included the misstated financials, the SEC noted.
The improper accounting practices occurred in two forms, the SEC explained in its order filed Monday.
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News and analysis for the well-informed compliance or audit exec.
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2024-05-16T18:52:00Z By Jeff Dale
Evoqua Water Technologies agreed to pay $8.5 million as part of a nonprosecution agreement with the Department of Justice to settle admitted criminal charges related to fraudulent revenue recognition.
2024-02-07T12:51:00Z By Kyle Brasseur
China-based technology company Cloopen Group Holding won’t pay a fine in settling with the Securities and Exchange Commission over an alleged accounting fraud scheme perpetrated by two of its former senior managers.
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Plug Power was fined $1.25 million as part of a settlement with the Securities and Exchange Commission over alleged accounting failures that the company agreed to fully remediate within one year or face an additional penalty.
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RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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