- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-07-05T18:46:00
Future FinTech Group (FTFT) agreed to pay $1.65 million to settle charges levied by the Securities and Exchange Commission (SEC) for filing materially inaccurate annual reports and failing to maintain adequate books, records, and internal control over financial reporting (ICFR).
FTFT, formerly doing business as China-based SkyPeople Fruit Juice, agreed to a cease-and-desist order and to retain an independent compliance consultant to test, assess, and review its internal accounting controls and ICFR, the SEC said in an administrative proceeding Monday.
From fiscal years 2016-18, FTFT logged significant impairment losses on its assets. The SEC’s investigation found the company’s assets should have been impaired in larger amounts earlier.
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Engineering and construction company Fluor Corp. agreed to pay $14.5 million to settle allegations by the Securities and Exchange Commission that accounting deficiencies led to restatements on nearly three years of financial statements.
Plug Power was fined $1.25 million as part of a settlement with the Securities and Exchange Commission over alleged accounting failures that the company agreed to fully remediate within one year or face an additional penalty.
The Lovesac Company disclosed it expects to restate certain of its 2023 financial statements after an internal investigation uncovered accounting errors related to its recording of last mile freight expenses.
Gatekeepers including chief financial officers and the chair of the audit committee have a responsibility to shareholders to report fraud wherever they find it–especially when that fraud involves an artificial intelligence tool meant to combat fraud.
Fines for off-channel communications use by employees just keep on coming, with 12 municipal advisory firms fined a total of $1.3 million in the latest Securities and Exchange Commission sweep.
Walgreens agreed to pay nearly $107 million to resolve allegations, first brought by two whisteblowers, that it improperly billed federal healthcare programs for prescriptions that were never picked up or delivered.
