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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-02-15T16:56:00
An Illinois-based shipping and logistics company accused of engaging in a multiyear accounting fraud scheme avoided further penalties after the Securities and Exchange Commission (SEC) deemed a $20 million class-action settlement agreed to in 2019 returned any ill-gotten gains.
Roadrunner Transportation Systems overstated its income by $66 million from 2011-16 and had to re-evaluate $373.7 million worth of noncash impairment charges as a result of the scheme, the SEC said Tuesday in an administrative proceeding.
Roadrunner did not admit or deny the SEC’s findings but agreed to cease and desist from future violations and pay disgorgement of approximately $7.1 million and prejudgment interest of more than $2.5 million. Those payments were deemed satisfied by a settlement Roadrunner agreed to in U.S. District Court for the Eastern District of Wisconsin in 2019. Approximately $16.4 million of that settlement amount was distributed to shareholders, the SEC’s order said.
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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.
2024-02-07T12:51:00Z By Kyle Brasseur
China-based technology company Cloopen Group Holding won’t pay a fine in settling with the Securities and Exchange Commission over an alleged accounting fraud scheme perpetrated by two of its former senior managers.
2023-07-05T18:46:00Z By Jeff Dale
Future FinTech Group agreed to pay $1.65 million to settle charges levied by the Securities and Exchange Commission for filing materially inaccurate annual reports and failing to maintain adequate books, records, and internal control over financial reporting.
2023-06-06T15:56:00Z By Kyle Brasseur
Electronic payments software company Cantaloupe agreed to pay a $1.5 million penalty to settle allegations of accounting fraud levied by the Securities and Exchange Commission arising from improper revenue recognition practices.
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.
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