- 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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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.
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.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
