All SEC articles – Page 52
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Ex-KPMG partner to pay $125K in insider trading case
A former KPMG partner charged by the SEC with insider trading has been ordered to pay a civil penalty of $125,000 and suspended from appearing or practicing before the Commission as an attorney or accountant.
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PCAOB fines PwC Mexico over auditor independence
U.S. audit regulators have fined PwC’s affiliate in Mexico for a seemingly brazen failure to observe auditor independence rules.
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Investigation widens into how Sealed Air selected its audit firm
Packaging company Sealed Air, currently under investigation by the SEC, has received a grand jury subpoena from the U.S. Attorney’s Office for the Western District of North Carolina and faces a related investigation by the DOJ.
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Fraud in non-GAAP: DOJ, SEC pursue parallel charges
The U.S. Department of Justice and the Securities and Exchange Commission are pursuing fraud charges over manipulation of a non-GAAP metric at a publicly traded real estate investment trust.
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SEC Cyber Unit chief steps down
Robert Cohen, the SEC’s first Cyber Unit chief, has stepped down after 15 years of service. Get a glimpse of several groundbreaking investigations headed up by Cohen.
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Facebook concedes Libra currency might never launch
Facebook recently acknowledged in a filing with the SEC that there can be no assurance its planned Libra offering “will be made available in a timely manner, or at all.”
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Mylan nears $30M settlement with SEC in EpiPen investigation
Mylan disclosed in a regulatory filing that it has reached a $30 million agreement-in-principle to resolve the SEC’s investigation alleging securities violations for disclosures surrounding EpiPens.
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3M discloses FCPA probe
3M said it is conducting an internal investigation into potential violations of the Foreign Corrupt Practices Act concerning suspicious travel activities and related recordkeeping issues with regard to marketing efforts in China.
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SEC comments drove changes in revenue reporting, analysis says
SEC comments on early reports under the new revenue recognition standard tended to sway companies to revise their reporting, analysis shows.
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SEC: Transition from LIBOR has taken on ‘urgency’
Regulators are starting to freak out a little over what will happen in U.S. financial markets in 2021 when a major benchmark interest rate is expected to vanish.
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Overseas whistleblowers continue to fuel SEC program
Foreign national whistleblowers play a strong role in the SEC’s whistleblower program, highlighted by the most recent award of $500,000 to an overseas informant. This latest payout appears to mark at least the 13th time the SEC has awarded an overseas whistleblower.
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Facebook to pay $100M for misleading disclosures
In addition to its record-breaking FTC fine, Facebook on Wednesday reached a $100 million settlement with the SEC for making misleading disclosures regarding the risk of misuse of its user data.
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SEC, DOJ charge 3 former Power Solutions executives with fraud
Three former executives of a smaller reporting company are facing multiple fraud charges connected to a $25 million overstatement of revenue.
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Microsoft to pay $25M in FCPA case
Microsoft and a subsidiary will pay $25.3 million in combined criminal and civil penalties to resolve the U.S. government’s investigation into violations of the Foreign Corrupt Practices Act.
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Honeywell discloses Petrobras-related FCPA probe
Honeywell International announced in a regulatory filing that it is being investigated by U.S. and Brazilian authorities as to whether the company’s use of third parties in Brazil violated the Foreign Corrupt Practices Act.
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Bricker returns to PwC; Teotia named permanent chief
Wes Bricker, former SEC chief accountant, has rejoined PwC as vice chair and assurance leader for the United States and Mexico.
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Estimation vs. precision: tension in accounting grows
It’s more than big change prompting major deferrals for pending accounting rules. It’s also about the growing tension between estimation and precision.
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FASB to push CECL to 2023 for small public companies
FASB has signaled it plans to extend CECL for smaller public companies to 2023, along with delaying a number of other effective dates.
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Another CECL sleeper? Auditors get new rules on estimates
While companies adopt CECL, auditors are gearing up for new rules requiring them to more closely scrutinize estimates and the specialists who produce them.
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SEC charges former Illumina accountant with insider trading
The SEC has filed insider trading charges against a former Illumina accountant and friend whose alleged scheme resulted in $6.2 million in profits.