- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2022-08-26T20:10:00
A California-based civil engineering and infrastructure firm agreed to pay $12 million to settle charges levied by the Securities and Exchange Commission (SEC) alleging fraud related to inflation of the company’s financial performance.
Granite Construction self-reported alleged misconduct carried out by Dale Swanberg, a former senior vice president and group manager at the firm, the SEC announced Thursday. While Granite settled, subject to court approval, without admitting or denying the agency’s findings, Swanberg was charged separately in U.S. District Court for the Northern District of California.
The charges in each complaint centered on Swanberg’s management of a subdivision at the company that was struggling in 2017 to meet financial goals. The project faced high costs, which dragged down its revenues. Swanberg altered the project’s financial statements by manipulating profit margins and failing to record the costs, the SEC alleged.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
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.
