- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-09-09T18:28:00
A privately held family company and its CEO, who announced a $10 billion bid to buy U.S. Steel without having the cash on hand, will pay $600,000 in penalties to the Securities and Exchange Commission (SEC) for making materially false statements.
Pennsylvania-based Esmark will pay a $500,000 fine while CEO James Bouchard will pay $100,000 for falsely claiming the company had $10 billion available to close the deal.
“Bouchard and Esmark could not have completed the tender offer for U.S. Steel that they announced,” said Antonia Apps, director of the SEC’s New York Regional Office, in a press release Monday. “Investors should be able to trust companies’ and executives’ public statements.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership limited time offer
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Annual Membership $499
Full price one year membership.
A hospitality company agreed to pay $3.5 million and appoint an anti-trust compliance officer to settle allegations by the Department of Justice that it engaged in illegal pre-merger activity.
Northern Star Investment Corp. II faced a penalty of $1.5 million to settle charges laid by the Securities and Exchange Commission that it made misleading statements in its January 2021 initial public offering.
A long-running initiative by the Department of Justice and Federal Trade Commission to modernize their joint merger guidelines reached its conclusion, following tens of thousands of public comments.
Seven public companies will pay a total of $3 million in fines for requiring employees to sign agreements containing provisions that impeded their ability to report misconduct to the Securities and Exchange Commission.
Clearview AI was fined 30.5 million euro (U.S. $33.8 million) by the Dutch Data Protection Authority (DPA) and ordered to stop collecting images of Dutch citizens in the latest enforcement action against the U.S. company.
Massachusetts-based technology company Circor International settled charges with the Securities and Exchange Commission regarding deficient internal accounting controls without paying a fine.
