A federal judge ordered two former executives of Digiliti Money Group Inc. to pay a total of $355,047 in civil penalties for fraudulently inflating revenues to attract investors.
The June 1 orders in the U.S. District Court for the District of Minnesota resolves a complaint brought by the Securities and Exchange Commission against former Chairman and CEO Jeffrey C. Mackand Lawrence C. Blaney, the former executive vice president of sales.
Mack and Blaney allegedly entered fully cancelable side agreements with the financial technology company’s largest customer and improperly recorded the contracts’ revenue, according to the SEC’s April 2019 ...
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