- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-06-06T15:56:00
A Pennsylvania-based electronic payments software company agreed to pay a $1.5 million penalty to settle allegations of accounting fraud levied by the Securities and Exchange Commission (SEC) arising from improper revenue recognition practices.
Cantaloupe, formerly known as USA Technologies (USAT), filed materially misstated financial statements with the SEC beginning in the fourth quarter of fiscal year 2017 through the third quarter of FY2018, according to the agency. The alleged misconduct occurred while the company was preparing a May 2018 public offering, the prospectus of which included the misstated financials, the SEC noted.
The improper accounting practices occurred in two forms, the SEC explained in its order filed Monday.
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Massachusetts-based technology company Circor International settled charges with the Securities and Exchange Commission regarding deficient internal accounting controls without paying a fine.
Evoqua Water Technologies agreed to pay $8.5 million as part of a nonprosecution agreement with the Department of Justice to settle admitted criminal charges related to fraudulent revenue recognition.
China-based technology company Cloopen Group Holding won’t pay a fine in settling with the Securities and Exchange Commission over an alleged accounting fraud scheme perpetrated by two of its former senior managers.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
