News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-05-24T18:17:00
Digital video subscription service Gaia will pay a $2 million fine to the Securities and Exchange Commission (SEC) for allegedly overstating its paid subscribers and retaliating against an internal whistleblower.
In April 2019, Colorado-based Gaia reported in an SEC filing and in an earnings call it met its first-quarter objective by having 562,000 paying subscribers but neglected to mention 15,000 subscriptions were free trials and another 4,500 represented subscribers whose credit card payments had been declined, according to the SEC.
Gaia allegedly terminated an employee who blew the whistle on the company’s overstatement of its total paid subscribers, both internally to company executives and to the SEC. Gaia told the employee via email the complaint was “’unfounded’” and that the whistleblower was being fired “’for cause,’” as the investigation into the allegation “’required a significant expenditure of company resources to fully investigate,’” according to the SEC’s administrative proceeding published Tuesday.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2023-09-19T16:35:00Z By Jeff Dale
Commercial real estate services and investment firm CBRE agreed to pay $375,000 to settle allegations by the Securities and Exchange Commission that its separation agreements violated whistleblower protections.
2023-09-08T20:14:00Z By Jeff Dale
Monolith Resources, a privately held energy and tech company, agreed to pay $225,000 to settle charges by the Securities and Exchange Commission it used employee separation agreements that violated whistleblower protection rules.
2023-08-16T19:36:00Z By Jeff Dale
Malvern Bancorp and its former chief financial officer agreed to pay a combined $390,000 to settle allegations levied by the Securities and Exchange Commission regarding antifraud, reporting, books and records, and internal accounting control violations.
2024-07-02T20:35:00Z By Adrianne Appel
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.
2024-07-02T14:42:00Z By Adrianne Appel
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.
2024-07-02T13:50:00Z By Aaron Nicodemus
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.
Site powered by Webvision Cloud