- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-22T17:00:00
A United Arab Emirates-based, publicly traded energy company agreed to pay $5 million in a settlement with the Securities and Exchange Commission (SEC) resolving fraud charges related to a scheme to inflate revenues.
Brooge Energy went public through a special purpose acquisition company transaction in December 2019. The company “misstated between 30 and 80 percent of its revenues from 2018 through early 2021 in SEC filings related to the offer and sale of up to $500 million of securities,” the agency said in a press release Friday.
Also reaching settlement with the SEC were the company’s former chief executive officer, Nicolaas Lammert Paardenkooper, and former chief strategy officer and interim CEO, Lina Saheb, for their alleged roles in the scheme. They each agreed to pay $100,000 penalties and be permanently barred from serving as an officer or director at any SEC issuer.
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Food service distributor HF Foods Group agreed to pay a $3.9 million penalty as part of a settlement with the Securities and Exchange Commission regarding alleged fraudulent conduct carried out by its former chief executive officer and former chief financial officer.
Restaurant operator FAT Brands said it would contest charges announced by the Department of Justice regarding violations of the Sarbanes-Oxley Act related to personal loans made to executive officers.
Rio Tinto consented to pay a $28 million fine to resolve charges levied by the Securities and Exchange Commission alleging the mining company and its executives committed fraud by inflating the value of coal assets.
In striking down penalties against cryptocurrency mixer Tornado Cash for violating U.S. sanctions, a federal appeals court may have started to chip away at anti-money laundering regulations established by Democrats even before President-elect Donald Trump takes office.
The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
French defense and aviation contractor Thales Group is under investigation by authorities in the U.K. and France for allegedly participating in bribery and corruption.
