{"id":1941,"date":"2017-12-14T19:32:01","date_gmt":"2017-12-15T01:32:01","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1941"},"modified":"2022-03-22T15:07:54","modified_gmt":"2022-03-22T20:07:54","slug":"sec-cases-biopharmaceutical-company-accused-not-disclosing-executives-perks-therapist-allegedly-insider-traded-zulily-stock-immigration-lawyer-faces-claims-eb-5-investment-fra","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-cases-biopharmaceutical-company-accused-not-disclosing-executives-perks-therapist-allegedly-insider-traded-zulily-stock-immigration-lawyer-faces-claims-eb-5-investment-fra\/","title":{"rendered":"SEC Cases: Biopharmaceutical Company Accused of Not Disclosing Executives\u2019 Perks, Therapist Allegedly Insider Traded In Zulily Stock, and Immigration Lawyer Faces Claims of EB-5 Investment Fraud"},"content":{"rendered":"<p>\t\t\t\t<strong>Provectus Accused of Disclosure and Accounting Controls Violations Related to Executive Perks<\/strong><br \/>\nThe US Securities and Exchange Commission has filed civil charges against the biopharmaceutical company Provectus. According to the regulator, the Tennessee-based company committed violations related to disclosures and accounting controls. Among the alleged failures was that Provectus did not properly report that its then-CFO and former CEO made millions of dollars in perks as compensation. <\/p>\n<p>The SEC contends that Provectus did not have \u201csufficient controls\u201d in place regarding the reporting and disclosure of entertainment and travel expenses of executives. Ex-CEO Dr. H. Craig Dees is accused of using fabricated, limited or \u201cnon-existent expense documentation\u201d for millions of dollars of benefits of which investors were not informed.  Then-CFO Peter R. Culpepper is accused of receiving more than $199K in undisclosed and unauthorized benefits and perks.<\/p>\n<p>The Commission has filed a separate <a href=\"https:\/\/www.securities-fraud-attorneys.com\">securities fraud<\/a> case against Dees. Not only did he allegedly get $3.2M in reimbursements and cash for business travel that he didn\u2019t go on, but also, he is accused of hiding these perks, which  personal expenses, including restaurant tips and cosmetic surgery for women friends.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/sec-cases-biopharmaceutical-company-accused-not-disclosing-executives-perks-therapist-allegedly-insider-traded-zulily-stock-immigration-lawyer-faces-claims-eb-5-investment-fra\/#more-1941\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Provectus Accused of Disclosure and Accounting Controls Violations Related to Executive Perks The US Securities and Exchange Commission has filed civil charges against the biopharmaceutical company Provectus. According to the regulator, the Tennessee-based company committed violations related to disclosures and accounting controls. Among the alleged failures was that Provectus did not properly report that its [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3811,3760,3795,3761],"tags":[],"class_list":["post-1941","post","type-post","status-publish","format-standard","hentry","category-insider-trading","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC Cases: Biopharmaceutical Company Accused of Not Disclosing Executives\u2019 Perks, Therapist Allegedly Insider Traded In Zulily Stock, and Immigration Lawyer Faces Claims of EB-5 Investment Fraud &#8212; Investor Lawyers Blog &#8212; December 14, 2017<\/title>\n<meta name=\"description\" content=\"Provectus Accused of Disclosure and Accounting Controls Violations Related to Executive Perks The US Securities and Exchange Commission has filed civil &#8212; 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