- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-01-26T18:00:00
A special purpose acquisition company (SPAC) faced a penalty of $1.5 million to settle charges laid by the Securities and Exchange Commission (SEC) that it made misleading statements in its January 2021 initial public offering (IPO).
Northern Star Investment Corp. II said it had not engaged in any discussions with any potential target companies in its IPO, but the SEC said the SPAC had substantial discussions with a target company in the weeks leading up to the offering. After announcing the potential merger, Northern Star did not adequately disclose its interactions with the target company, the SEC alleged.
Northern Star would have paid the fine if it successfully completed a merger, according to an agency press release Thursday, but the company announced it would not meet a Jan. 28 deadline to consummate an initial business combination. It said it would liquidate its trust and return the money to shareholders, thus avoiding the SEC’s penalty.
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Financial services firm Cantor Fitzgerald will pay a $6.75 million fine to the Securities and Exchange Commission for making misleading statements regarding two special purpose acquisition companies that it controlled.
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 for making materially false statements.
Aon Investments USA and its former partner agreed to pay nearly $1.6 million in combined penalties to settle charges by the Securities and Exchange Commission that they misled a Pennsylvania school pension fund.
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.
