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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2024-08-12T20:19:00
Electric vehicle company Ideanomics, two former execs, and its current chief executive agreed to pay about $5 million and hire an independent compliance professional to settle allegations made by the Securities and Exchange Commission (SEC) that the company misled the public about its performance.
Ideanomics will pay $1.4 million and hire an independent compliance consultant to review, assess, and make recommendations about the company’s internal controls, the SEC announced in a press release Friday.
Former CEO Zheng Wu will pay more than $3.3 million in disgorgement and prejudgment interest and a $200,000 fine. He also agreed to a 10-year officer and director bar. Former CFO Federico Tovar and current CEO Alfred Poor each agreed to pay a $75,000 fine. Tovar was also suspended from practicing as an accountant and appearing before the SEC for at least two years.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2023-08-30T13:43:00Z By Kyle Brasseur
Concerned auditors are missing the big picture when assessing a company’s internal control over financial reporting, the chief accountant at the Securities and Exchange Commission called on the profession—and company managers—to take a holistic approach to assessing risks.
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A new report from the Committee of Sponsoring Organizations of the Treadway Commission offers a blueprint to organizations for establishing an overall fraud risk management program.
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The U.K. Information Commissioner’s Office proposed a 6.1 million pound (U.S. $7.8 million) fine against Advanced Computer Software Group, an IT contractor for the National Health Service that allegedly failed to secure the data of 83,000 people after a cyberattack.
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New York-based broker-dealer OTC Link will pay a $1.2 million fine to settle charges levied by the Securities and Exchange Commission over allegedly failing to implement a system to monitor and report potential suspicious activities on its platforms.
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