Defendant Name: RCI Hospitality Holdings, Inc.

Defendant Type: Public Company

Document Reference: 34-89935-s

Document Details

Legal Case Name In the Matter of RCI Hospitality Holdings, Inc., Eric S. Langan, and Phillip K. Marshall, CPA
Document Name SEC Charges Texas Company, Executives, and Former Board Member with Disclosure Failure
Document Date 21-Sep-2020
Document Format Administrative Proceeding
File Number 3-20035
Allegation Type Issuer Reporting and Disclosure
Document Summary On September 21, 2020, the SEC announced "settled charges against a Texas-based company, RCI Hospitality Holdings, Inc., its CEO, Eric S. Langan, and CFO, Phillip K. Marshall, for RCI's disclosure and controls failures concerning executive compensation and related party transactions. Former independent board member Steven L. Jenkins, a Texas-licensed accountant, has also agreed to settle charges concerning his failure to disclose his personal bankruptcy history."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Monetary Penalties:

Civil Penalty

Individual:     $400,000.00 Shared:    

Related Documents:

34-89935 21-Sep-2020 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
On September 21, 2020, the SEC instituted settled cease-and-desist proceedings against RCI Hospitality Holdings, Inc. The Commission stated: "These proceedings arise from RCI's disclosure and controls failures concerning executive compensation and related party transactions. From fiscal year ("FY") 2014 through FY 2019, RCI failed to disclose a total of $615,000 in executive compensation in the form of perquisites. These undisclosed perquisites included the cost of the personal use of the company's aircraft and company provided vehicles, reimbursement for personal commercial airline flights, the company's charitable contributions to the school two of Langan's children attended, and the cost of providing housing and a meals allowance to Marshall. In addition, RCI failed to disclose related party transactions involving Langan's father and brother and a director's brother. RCI also failed to keep accurate books and records, and lacked sufficient internal accounting controls concerning, these executive perquisites and related party transactions. Chief Executive Officer ("CEO") Langan committed and he and Chief Financial Officer ("CFO") Marshall caused these violations."

Other Defendants in Action:

Eric S. Langan
Phillip K. Marshall, CPA

Related Actions:

In the Matter of Steven L. Jenkins, CPA
Steven L. Jenkins, CPA