The Securities and Exchange Commission today charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, āRespondentsā), with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated...
Continue reading…
SEC charges auditor BF Borgers with fraud affecting 1,500 SEC filings
The Securities and Exchange Commission today charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, āRespondentsā), with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings...
Continue reading…
Insider trading via “shadow trading” new focus of SEC after major win in shadow trading case
Last month a federal jury agreed with the SEC that a corporate official had engaged in illegal insider trading when he bought securities of a company based upon his access to material nonpublic information about a different company. The verdict was in the case of SEC v Panuwat and SEC watchers are...
Continue reading…
SEC awards $2.4 Million to whistleblower who was compliance official of the company sanctioned
The U.S. Securities and Exchange Commission (SEC) issued a $2.5 million whistleblower award to a whistleblower who voluntarily disclosed original information which led to a successful enforcement action. According to the SECās award order, āAfter internally reporting concerns, Claimant submitted a tip to...
Continue reading…
The US and China proxy fight for undersea internet cables that will impact the world economy
Across the earth, there are more than 400 undersea cables on the seafloor that carries almost all of the international internet traffic, according to reliable reports. The sensitivity of the data running through these cables is extremely high and there are concerns that China and Russia are actively intercepting information that includes...
Continue reading…
Williams-Sonoma fined $3.1 Million for selling Chinese-made products as made in the U.S.
Williams-Sonoma must pay a penalty of $3.175 M for passing off Chinese-made products as made in the U.S. violating a Federal Trade Commission administrative rule.
The products were sold under Williams-Sonoma brands and they included Pottery Barn, West Elm, and Rejuvenation. As part of the $3,175,387...
Continue reading…
US is granting Micron $6 Billion for semiconductor project in upstate New York
The US is granting $6.1 billion to Micron Technology for a major prohect in upstate New York that could bring an economic boost to the region and dramatically boost domestic U.S. semiconductor chip production to compete with China. Micron plans to invest about $100 billion...
Continue reading…
China gets high end Nvidia advanced artificial intelligence chips through Super Micro, Dell servers despite US export sanctions
Chinese research institutes recently acquired high-end Nvidia artificial intelligence chips through resellers. According to Reuters 10 Chinese entities obtained advanced Nvidia chips in server products made by Super Micro Computer Inc, Dell technologies and Taiwan's Gigabyte technology Inc The chips acquired are apparently some...
Continue reading…
US DOJ intervenes in its first False Claims Act cybersecurity case
The United States Department of Justice notified the U.S. District Court for the Northern District of Georgia that it is intervening in a False Claims Act case filed against Georgia Tech Research Corporation (Georgia Tech) by its Associate Director of Cybersecurity and former Principal Information Security Engineer (the...
Continue reading…
U.S. fines SCG plastics Thai company $20 million over Iran sanctions using U.S. financial system
SCG Plastics, a Thai company will pay about $20 million to settle allegations it used the U.S. financial system to receive hundreds of millions of dollars for products made in Iran, in violation of U.S. sanctions, according to the Wall street Journal.https://www.wsj.com/articles/u-s-fines-thai-company-scg-plastics-20-million-over-alleged-iran-sanctions-violations-537df255?mod=hp_minor_pos10
Continue reading…