- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-02-08T18:37:00
Michigan-based manufacturer Gentex Corp. agreed to pay $4 million as part of a settlement with the Securities and Exchange Commission (SEC) regarding alleged failures in its internal accounting controls that affected executive and employee bonus compensation programs over several years.
The enforcement action, announced Tuesday, is the latest under the SEC’s earnings per share initiative, in which the Division of Enforcement uses data analytics to uncover accounting and disclosure violations by public companies. In addition to the penalty, Gentex was ordered to cease and desist from future violations of the Securities Exchange Act.
Kevin Nash, Gentex’s chief financial officer, agreed to pay $75,000 in settling with the SEC over his alleged role in the company’s control lapses. Nash served as Gentex’s chief accounting officer during the relevant period.
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
2023-04-12T16:25:00Z By Aaron Nicodemus
SEC Commissioner Hester Peirce warned about “potential pitfalls” with structured data, which regulators and lawmakers have embraced as a way to make data accessible and easy to use.
2023-03-07T13:30:00Z By Jaclyn Jaeger
The chief compliance officers of Google and Uber offer insight into how their data analytics compliance programs have evolved amid enhanced scrutiny on use of technology from the Department of Justice.
2022-08-04T15:15:00Z By Aaron Nicodemus
Medical implant manufacturer Surgalign will pay a $2 million penalty handed down by the SEC and recoup nearly $600,000 in incentive-based compensation from four senior executives who allegedly manipulated the company’s financial statements.
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
2025-04-11T08:00:00Z By Adrianne Appel
Block Inc., maker of the popular Cash App, has been hit with a $40 million fine by New York for its alleged failure to report suspicious activity. The move marks the latest in a string of recent state and federal enforcement actions against the company.
Site powered by Webvision Cloud