Defendant Name:
DHB Industries, Inc.
Defendant Type:
Public Company
Document Reference:
2011-52
Document Details
Legal Case Name
SEC v. DHB Industries, Inc.
Document Name
SEC Charges Military Body Armor Supplier and Former Outside Directors With Accounting Fraud
Document Date
28-Feb-2011
Document Format
Civil Proceeding
Case Number
11-cv-60431
Federal District Court
Florida, Southern District of Florida
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On February 28, 2011, the SEC announced that it charged DHB Industries (now known as Point Blank Solutions), a major supplier of body armor to the U.S. military and law enforcement agencies, for engaging in a massive accounting and disclose fraud through its senior officers and misappropriating company assets to personally benefit the former CEO. DHB Industries has agreed to settle with the SEC and consented to a permanent injunction from future violations of the federal securities laws. The proposed settlement took into account the remedial measures already taken by the company. As the company is in bankruptcy, the bankruptcy court must approve the settlement. The agency separately charged three of the company's former outside directors and audit committee members for their complicity in the scheme and had previously charged former DHB Industries CEO David Brooks as well as two other former senior officers for their roles in the fraud.
Disgorgement & Penalty Information
Resolutions
Injunction
Remedial Acts or Efforts Before the Resolution