- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2022-08-26T20:10:00
A California-based civil engineering and infrastructure firm agreed to pay $12 million to settle charges levied by the Securities and Exchange Commission (SEC) alleging fraud related to inflation of the company’s financial performance.
Granite Construction self-reported alleged misconduct carried out by Dale Swanberg, a former senior vice president and group manager at the firm, the SEC announced Thursday. While Granite settled, subject to court approval, without admitting or denying the agency’s findings, Swanberg was charged separately in U.S. District Court for the Northern District of California.
The charges in each complaint centered on Swanberg’s management of a subdivision at the company that was struggling in 2017 to meet financial goals. The project faced high costs, which dragged down its revenues. Swanberg altered the project’s financial statements by manipulating profit margins and failing to record the costs, the SEC alleged.
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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.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
National Philanthropic Trust announced the appointment of Tamara Watts, vice president, legal and general counsel for The Susan Thompson Buffett Foundation, to its board of trustees.
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.
A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control said.
