- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-03-14T16:38:00
A Pennsylvania-based company that designs industrial wastewater treatment and filtration plants agreed to pay $8.5 million to resolve charges it misstated its revenue in filings with the Securities and Exchange Commission (SEC).
The SEC announced Monday it charged Evoqua Water Technologies Corp. and a former company finance director, Imran Parekh, with improper accounting practices in the firm’s 2017 and 2018 filings with the agency.
The SEC alleged Parekh, as finance director of Rhode Island-based acquisition Neptune Benson, inflated revenues by nearly $12 million for fiscal year 2017 as Evoqua was preparing to go public.
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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.
New York-based investment adviser Betterment agreed to pay $9 million to settle charges levied by the Securities and Exchange Commission over material misstatements and omissions related to its automated tax loss harvesting service.
Spicer Jeffries and one of its audit engagement partners were spared financial penalties in settling with the Securities and Exchange Commission over allegations of improper professional conduct during the audits of two private funds.
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.
