July 2, 2018/US SEC The Securities and Exchange Commission today charged global engineering and construction company KBR Inc. for inflating a key performance metric known as work in backlog. KBR agreed to pay a $2.5 million penalty to settle the SEC’s charges. According to the Commission’s order, KBR’s public disclosures […]
Frauds & Scandals
SEC Obtains Judgments Against Municipal Adviser and Its Principal for Defrauding Mississippi City
July 2, 2018/US SEC A federal district court entered judgments on June 29, 2018 against Malachi Financial Products, Inc., a Georgia corporation, and its principal, Porter B. Bingham of Roswell, Georgia, for defrauding the City of Rolling Fork, Mississippi and failing to disclose certain related-party payments in connection with a […]
SEC Charges California Company and Three Executives with Accounting Fraud
July 2, 2018/US SEC On June 28, 2018, the Securities and Exchange Commission charged a California-based telecommunications equipment manufacturer, its Chief Financial Officer, Former Chief Executive Officer, and Director of Contract Fulfillment and Sales Operations for inflating reported revenues in the company’s Middle East, Africa, and Europe region in the […]