Defendant Name: Provectus Biopharmaceuticals, Inc.

Defendant Type: Public Company
SIC Code: 2834
CUSIP: 74373P10

Document Reference: 2017-229

Document Details

Legal Case Name In the Matter of Provectus Biopharmaceuticals, Inc.
Document Name SEC Charges Biopharmaceutical Company With Failing to Properly Disclose Perks for Executives; Former CEO and CFO Also Charged
Document Date 12-Dec-2017
Document Format Administrative Proceeding
File Number 3-18306
Allegation Type Issuer Reporting and Disclosure
Document Summary 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."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution

Related Documents:

34-82292 12-Dec-2017 Administrative Proceeding
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
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."

Related Actions:

In the Matter of Peter R. Culpepper, CPA
Peter R. Culpepper, CPA
SEC v. Harry Craig Dees
Harry Craig Dees