According to the SEC, "From at least 2011 to early 2016, Provectus paid its then-Chief Executive Officer ("CEO") H. Craig Dees approximately $3.2 million in purported business travel advances and expense reimbursements that Dees fraudulently obtained and used for his personal benefit ... In addition, from at least 2013 to 2015, Provectus paid its then-Chief Financial Officer ("CFO") Peter Culpepper $199,194 in perquisites and payments for business travel that Culpepper used for unauthorized, personal expenses. Provectus' insufficient internal accounting controls contributed to and failed to detect these improper and unauthorized payments, which were not accurately recorded in the company's books and records. As a result, Provectus' annual reports and definitive proxy statements materially understated the compensation paid to Dees and Culpepper in the form of personal benefits and perquisites. In addition, Provectus' annual reports stated that Provectus' internal control over financial reporting was effective, when it was not."

On December 12, 2017, the SEC announced that it "charged a biopharmaceutical company with committing a series of accounting controls and disclosure violations, including the failure to properly report as compensation millions of dollars in perks provided to its then-CEO and then-CFO."