- 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.
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.
