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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2023-09-18T16:10:00
Ridesharing company Lyft agreed to pay a $10 million penalty to settle allegations by the Securities and Exchange Commission (SEC) it failed to disclose a pre-initial public offering (IPO) stock deal that netted a member of its board millions of dollars.
Lyft agreed to cease and desist from further violations in reaching settlement, the SEC announced in a press release Monday. The stock deal involved approximately $424 million worth of private shares, roughly 2.6 percent of the company prior to its 2019 IPO.
In March 2019, an unnamed Lyft board director set up a deal for a shareholder to sell 7.7 million shares to a special purpose vehicle. The investment adviser who arranged the deal was affiliated with the board director, the SEC said in its order.
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News and analysis for the well-informed compliance or audit exec.
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2024-03-08T17:23:00Z By Jeff Dale
Footwear company Skechers agreed to pay $1.25 million to settle charges by the Securities and Exchange Commission of failing to disclose payments to executives’ family members.
2023-09-27T18:23:00Z By Jeff Dale
Investment adviser AssetMark agreed to pay more than $18 million to settle allegations by the Securities and Exchange Commission regarding undisclosed conflicts of interest involving its affiliate’s cash sweep program and its revenue-sharing arrangements with third parties.
2023-07-05T17:10:00Z By Kyle Brasseur
The impact of new technologies like generative artificial intelligence on the third-party risk management landscape was among the points of discussion addressed at Compliance Week’s TPRM Summit in Atlanta.
2024-07-26T19:18:00Z By Jeff Dale
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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