- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-03-14T16:38:00
A Pennsylvania-based company that designs industrial wastewater treatment and filtration plants agreed to pay $8.5 million to resolve charges it misstated its revenue in filings with the Securities and Exchange Commission (SEC).
The SEC announced Monday it charged Evoqua Water Technologies Corp. and a former company finance director, Imran Parekh, with improper accounting practices in the firm’s 2017 and 2018 filings with the agency.
The SEC alleged Parekh, as finance director of Rhode Island-based acquisition Neptune Benson, inflated revenues by nearly $12 million for fiscal year 2017 as Evoqua was preparing to go public.
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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.
New York-based investment adviser Betterment agreed to pay $9 million to settle charges levied by the Securities and Exchange Commission over material misstatements and omissions related to its automated tax loss harvesting service.
Spicer Jeffries and one of its audit engagement partners were spared financial penalties in settling with the Securities and Exchange Commission over allegations of improper professional conduct during the audits of two private funds.
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
Kiromic BioPharma will pay no fine to the Securities and Exchange Commission after self-reporting that it failed to disclose material information about two cancer drugs to investors.
The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
