United Parcel Service (UPS) will pay a $45 million penalty for misrepresenting earnings due to improper valuation of its Freight division. Separately, BIT Mining agreed to a $4 million SEC fine and a $10 million DOJ fine for bribery. These cases highlight the SEC’s crackdown on accounting fraud and bribery in the business world.
The Securities and Exchange Commission (SEC) has announced a record-breaking $8.2 billion in financial penalties for fiscal year 2024, a 67% increase from the previous year. This surge is largely attributed to a massive settlement with Terraform Labs and reflects a tough stance on cryptocurrency regulation under Chair Gary Gensler, who is set to leave office in January.
