All United States articles – Page 127
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Lucid Group facing SEC subpoena over recent SPAC merger
Lucid Group said it received a subpoena from the Securities and Exchange Commission concerning its special purpose acquisition company merger this summer.
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Premium
Top ethics and compliance failures of 2021
Systemic risk management lapses at a financial services firm, allegations of toxic culture at a video game giant, and more of the same baffling behavior from one of the world’s largest tech companies comprise CW’s list of the biggest ethics and compliance fails of 2021.
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American Renal Associates to pay $2M in accounting fraud case
American Renal Associates Holdings has agreed to pay $2 million to settle Securities and Exchange Commission charges of accounting fraud allegedly perpetrated by three former financial executives at the dialysis provider.
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Compliance takeaways from Biden strategy on countering corruption
President Joe Biden’s sweeping anti-corruption initiative includes developments in two key areas of interest for the compliance profession: the U.S. beneficial ownership registry and a new proposal to expand reporting requirements on cash real estate transactions.
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What companies/auditors need to know for 2021 year-end audits
The continued effects of the pandemic, along with the implementation of new accounting standards, have companies and their auditors confronting substantial change in year-end audits.
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Ex-Immunomedics CFO charged with insider trading
The SEC charged former Immunomedics Chief Financial Officer Usama Malik and his former romantic partner with insider trading. The Department of Justice also announced criminal charges for securities fraud.
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Ex-Roadrunner CFO gets two years in prison for accounting fraud scheme
Peter Armbruster, the former chief financial officer of trucking and logistics company Roadrunner Transportation Systems, was sentenced to 24 months in prison for his role in a complex securities and accounting fraud scheme.
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Sequential Brands avoids fine in SEC goodwill impairment case
Sequential Brands won’t be fined as part of a settlement with the SEC over charges it violated accounting principles in securities law when it did not acknowledge goodwill impairment that eventually landed on its balance sheet as a $304 million write-down.
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My Compliance Library: ‘The Long Game’ offers timely look at long-term career planning
Dorie Clark’s best-selling book “The Long Game” challenges us to ponder what it would look like to “discover our own definition of success” at a time when more professionals than ever are quitting their jobs in search of positive change.
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FTC targets Walmart, Amazon, and more for study into supply chain disruptions
The Federal Trade Commission is ordering nine large retailers, wholesalers, and consumer goods suppliers to provide wide-ranging information as part of a study the agency is conducting into the causes behind ongoing supply chain disruptions.
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Commerce Department to examine privacy concerns of disadvantaged communities
The Biden administration, through the Commerce Department’s National Telecommunications and Information Administration, intends to broaden the way it addresses privacy concerns for marginalized and disadvantaged communities.
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SEC updates guidance on ‘spring-loaded’ compensation awards
The Securities and Exchange Commission released new guidance for listed companies on how to properly recognize and disclose compensation costs for “spring-loaded” awards made to executives.
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FASB proposes CECL disclosure updates
The Financial Accounting Standards Board announced a proposed update aimed to enhance disclosures regarding troubled debt restructuring and gross writeoffs under its credit losses standard.
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Ex-LeClairRyan chief legal officer sentenced to 44 months imprisonment
A former chief legal officer of now-defunct law firm LeClairRyan was sentenced to 44 months in prison and ordered to pay a $10,000 fine after pleading guilty to obstructing an embezzlement investigation into his own fraudulent conduct as a bankruptcy trustee.
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Banking regulators pledge to examine crypto asset risks in 2022
Determining whether crypto assets are legal, safe, and provide consumers with adequate protection from fraud are three areas of concern federal banking regulators say they will examine in 2022.
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Cassava Sciences facing widening probe over short seller claims
The SEC has reportedly launched an investigation into Cassava Sciences regarding allegations made against the clinical-stage biopharmaceutical company and its experimental Alzheimer’s drug by a law firm representing anonymous short sellers.
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ProPetro avoids fine in executive perk case; ex-CEO to pay $195K
The former CEO of ProPetro Holding Corp. will pay $195,046 to settle SEC charges related to the company’s failure to disclose some of his executive perks and stock pledges to investors. ProPetro avoided a fine because of its remedial efforts.
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Fed ends 2016 enforcement against Goldman Sachs for supervisory data misuse
The Federal Reserve Board of Governors has terminated a 2016 enforcement action against Goldman Sachs Group ordering the bank to pay $36.3 million for the unauthorized use and disclosure of confidential supervisory information from banking regulators.
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Activision Blizzard case study: When CCOs become the CEO’s mouthpiece
Many chief compliance officers report directly to the board or chief executive officer. But what happens to the CCO when the CEO is the problem? Take Activision Blizzard as an example of what not to do.
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GoDaddy data breach affects 1.2M customers
Web hosting company GoDaddy announced an unauthorized third party obtained the email addresses and customer numbers of up to 1.2 million users after improperly accessing its Managed WordPress hosting environment.