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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2023-01-25T21:06:00
The former chief executive officer of email security company GigaTrust was sentenced to five years in prison for fabrications that allowed him and two other executives to defraud investors and lenders of millions.
From 2016 until GigaTrust filed for bankruptcy in November 2019, CEO Robert Bernardi schemed with former Chief Financial Officer Nihat Cardak and former Vice President for Business Development Sunil Chandra to mislead investors and banks into believing the company was financially healthy, the DOJ stated in a press release Tuesday.
The three overstated bank deposits, drafted fake audit reports, and impersonated an outside auditor to try and fool banks into lending them $50 million, according to their indictment, which was filed in U.S. District Court for the Southern District of New York in October 2021.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2023-01-13T19:59:00Z By Adrianne Appel
The former chief financial officer of bankrupt email security business GigaTrust faces up to five years in prison after pleading guilty to defrauding investors and lenders of $50 million by impersonating auditors and fabricating reports.
2024-10-23T15:45:00Z By Adrianne Appel
Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau (CFPB).
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
2024-10-17T17:01:00Z By Aaron Nicodemus
The other shoe finally dropped for Raytheon and parent company RTX, as two U.S. regulators announced nearly $1 bilion in penalties to settle defective pricing in defense contracts, false claims related to inflated prices on government contracts, and bribes paid to government officials in Qatar that violated the FCPA.
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