- 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.
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
Kiromic BioPharma will pay no fine to the Securities and Exchange Commission after self-reporting that it failed to disclose material information about two cancer drugs to investors.
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.
