By Aaron Nicodemus2022-09-30T17:51:00
Audit firm RSM and three of its senior-level employees were charged with improper professional conduct by the Securities and Exchange Commission (SEC) for signing off on inflated revenues logged by a public company over four fiscal years of audits.
RSM failed to properly audit the financial statements of Connecticut-based Revolution Lighting Technology when the latter was violating generally accepted accounting principles (GAAP) from 2015-18 by improperly inflating its revenue with bill and hold sales, according to the SEC.
Without admitting or denying the agency’s findings, RSM will pay a fine of $3.75 million and hire an independent consultant to review its audit, review, and quality control policies and procedures.
2022-10-12T19:50:00Z By Kyle Brasseur
Paul Munter, acting chief accountant at the Securities and Exchange Commission, issued a statement highlighting auditors’ responsibilities in fighting fraud, including his office’s recent observations of shortcomings in the area.
2020-09-25T16:21:00Z By Aaron Nicodemus
A Connecticut industrial lighting company has been fined $1.25 million by the SEC for falsely booking $55 million worth of sales on its financial statements over four years. Four company executives have been fined as well.
2025-09-17T17:20:00Z By Adrianne Appel
A Florida seafood company executive has pleaded guilty to conspiring with competitors to fix the prices he paid to local fishers, an effort that impacted more than $8 million in wholesale fish and cut the pay of hundreds of fishers, the Department of Justice said.
2025-09-16T20:11:00Z By Adrianne Appel
The former CEO of a Georgia clothing business faces 25 years in prison for bribing Honduran officials to win $10 million in uniform contracts in Honduras, after being caught up in a Department of Justice Anticorruption Task Force.
2025-09-12T19:40:00Z By Oscar Gonzalez
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.
2025-09-11T20:53:00Z By Neil Hodge
Europe’s banking regulator warns that weak compliance at fintech, regtech, and crypto firms may let money laundering and terrorist financing risks slip through. The EBA also found EU regulators’ approaches are often inconsistent and unclear.
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