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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-01-26T18:00:00
A special purpose acquisition company (SPAC) faced a penalty of $1.5 million to settle charges laid by the Securities and Exchange Commission (SEC) that it made misleading statements in its January 2021 initial public offering (IPO).
Northern Star Investment Corp. II said it had not engaged in any discussions with any potential target companies in its IPO, but the SEC said the SPAC had substantial discussions with a target company in the weeks leading up to the offering. After announcing the potential merger, Northern Star did not adequately disclose its interactions with the target company, the SEC alleged.
Northern Star would have paid the fine if it successfully completed a merger, according to an agency press release Thursday, but the company announced it would not meet a Jan. 28 deadline to consummate an initial business combination. It said it would liquidate its trust and return the money to shareholders, thus avoiding the SEC’s penalty.
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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.
2024-09-09T18:28:00Z By Aaron Nicodemus
A privately held family company and its CEO, who announced a $10 billion bid to buy U.S. Steel without having the cash on hand, will pay $600,000 in penalties to the Securities and Exchange Commission for making materially false statements.
2024-01-26T18:22:00Z By Jeff Dale
Aon Investments USA and its former partner agreed to pay nearly $1.6 million in combined penalties to settle charges by the Securities and Exchange Commission that they misled a Pennsylvania school pension fund.
2023-09-29T14:56:00Z By Kyle Brasseur
Solar energy services provider Spruce Power Holding Corp. was assessed an $11 million penalty by the Securities and Exchange Commission as part of a settlement addressing its predecessor’s alleged misleading of investors regarding its electric vehicle sales pipeline.
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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