- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-22T17:00:00
A United Arab Emirates-based, publicly traded energy company agreed to pay $5 million in a settlement with the Securities and Exchange Commission (SEC) resolving fraud charges related to a scheme to inflate revenues.
Brooge Energy went public through a special purpose acquisition company transaction in December 2019. The company “misstated between 30 and 80 percent of its revenues from 2018 through early 2021 in SEC filings related to the offer and sale of up to $500 million of securities,” the agency said in a press release Friday.
Also reaching settlement with the SEC were the company’s former chief executive officer, Nicolaas Lammert Paardenkooper, and former chief strategy officer and interim CEO, Lina Saheb, for their alleged roles in the scheme. They each agreed to pay $100,000 penalties and be permanently barred from serving as an officer or director at any SEC issuer.
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Food service distributor HF Foods Group agreed to pay a $3.9 million penalty as part of a settlement with the Securities and Exchange Commission regarding alleged fraudulent conduct carried out by its former chief executive officer and former chief financial officer.
Restaurant operator FAT Brands said it would contest charges announced by the Department of Justice regarding violations of the Sarbanes-Oxley Act related to personal loans made to executive officers.
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.
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.
