- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-02-22T18:20:00
A special purpose acquisition company (SPAC) will pay a $103,591 fine for allegedly having flawed internal controls, reporting, and recordkeeping procedures that allowed its former chief financial officer (CFO) to drain approximately $1.2 million from its bank account.
The Securities and Exchange Commission (SEC) said Wednesday that African Gold Acquisition Corp. gave former CFO Cooper Morgenthau unfettered access to its operating account “with little to no oversight,” according to a press release.
Starting in June 2021, Morgenthau made unauthorized withdrawals from the company’s account over the course of a year, then altered its bank account statements to conceal the fraud. His misconduct was not discovered until several vendors refused to continue providing services to African Gold because they were not being paid, the SEC said, another sign the company failed to comply with basic internal control requirements.
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Digital World Acquisition Corp. faces a penalty of $18 million as part of a settlement reached with the Securities and Exchange Commission regarding fraud allegations related to its dealings with Trump Media & Technology Group.
Evoqua Water Technologies Corp. agreed to pay $8.5 million to resolve charges the actions of a former company finance director led the firm to misstate its revenue in filings with the Securities and Exchange Commission.
The Public Company Accounting Oversight Board’s latest batch of 2021 audit inspection reports included a setback in results for Marcum largely related to the firm’s work dealing with special purpose acquisition companies.
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.
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.
