- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-12-21T18:51:00
A Texas-based IT firm and its former chief financial officer settled charges brought by the Securities and Exchange Commission (SEC) alleging failure to properly account for and record liabilities related to a shareholder lawsuit.
Exela Technologies and former CFO James Reynolds agreed to pay $175,000 and $10,000, respectively, to settle claims they violated reporting, controls, and recordkeeping provisions of federal securities law, the SEC said Monday.
According to the agency’s order, Exela failed to properly account for and report liabilities when it was sued by minority shareholders who dissented from a 2017 merger. From 2017-19, the company failed to accrue for any payment it would have to make to those shareholders, despite disclosing the shareholders’ claim in SEC filings.
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Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
