- 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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A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
A subsidiary of MetLife will pay more than $178,000 for violating U.S. sanctions on Iran when it provided insurance policies to entities in the United Arab Emirates owned or controlled by Iran.
A pharmaceutical company and its chief executive have agreed to pay $47 million to settle allegations first brought by whistleblowers, that the company paid kickbacks and filed false claims, the Department of Justice said.
Meta, the parent company of Facebook, has been fined nearly 798 million euros (U.S. $841 million) by the European Commission to resolve the agency’s long-running investigation into alleged “abusive practices” by Facebook Marketplace.
