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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-09-27T18:15:00
Hyzon Motors, a global supplier of hydrogen fuel cell-powered heavy vehicles, was assessed a $25 million penalty by the Securities and Exchange Commission (SEC) in agreeing to settle charges it and its former executives misled investors regarding the sales of its vehicles.
Hyzon’s sales and customer relations were the subject of a short-seller report in 2021, which prompted the SEC to investigate the allegations. The agency found the company “misrepresented the status of its business dealings with potential customers and suppliers to create the false appearance that significant sales transactions were imminent,” it said in a press release Tuesday.
Craig Knight, Hyzon’s former chief executive officer, and Max Holthausen, former managing director of Hyzon’s European subsidiary, each agreed to pay fines in settling over their alleged roles in the scheme. Knight and Mark Gordon, the company’s former chief financial officer, each agreed to return compensation. Gordon was not charged by the SEC.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-04-03T05:04:00Z By Kyle Brasseur
Ebix announced the Securities and Exchange Commission closed an investigation into allegations against the software company’s accounting practices raised in a short seller report.
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Rio Tinto consented to pay a $28 million fine to resolve charges levied by the Securities and Exchange Commission alleging the mining company and its executives committed fraud by inflating the value of coal assets.
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Consumer products company Newell Brands agreed to pay $12.5 million as part of a settlement with the Securities and Exchange Commission addressing allegations the company misled investors about its core sales growth.
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A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
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A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
2024-12-06T12:45:00Z By Jaclyn Jaeger
A defamation lawsuit filed by a whistleblower against USAA, which a Florida judge recently dismissed on a technicality, revealed in public court records an estimated 400,000 violations of the Military Lending Act by USAA Federal Savings Bank (USAA Bank), an indirect wholly owned subsidiary of USAA.
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