Defendant Name:
Provectus Biopharmaceuticals, Inc.
Defendant Type:
Public Company
SIC Code:
2834
CUSIP:
74373P10
Document Reference:
34-82292
Document Details
Legal Case Name
In the Matter of Provectus Biopharmaceuticals, Inc.
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
12-Dec-2017
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
