- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-12-21T18:51:00
A Texas-based IT firm and its former chief financial officer settled charges brought by the Securities and Exchange Commission (SEC) alleging failure to properly account for and record liabilities related to a shareholder lawsuit.
Exela Technologies and former CFO James Reynolds agreed to pay $175,000 and $10,000, respectively, to settle claims they violated reporting, controls, and recordkeeping provisions of federal securities law, the SEC said Monday.
According to the agency’s order, Exela failed to properly account for and report liabilities when it was sued by minority shareholders who dissented from a 2017 merger. From 2017-19, the company failed to accrue for any payment it would have to make to those shareholders, despite disclosing the shareholders’ claim in SEC filings.
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Three federal banking regulators issued guidance on the risks posed by the use of third-party financial technology firms to deliver bank deposit products and services to customers.
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.
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.
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.
Prysmian Cables and Systems USA agreed to pay $920,000 to settle allegations it falsified tests and compliance certifications concerning cable it sold to the U.S. military for use in vehicles, the Department of Justice said.
The Federal Communications Commission is preparing to take enforcement action against AT&T for a data outage in February that blocked 92 million phone calls.
