Defendant Name:
Belden Inc.
Defendant Type:
Public Company
SIC Code:
5099
CUSIP:
07745410
Document Reference:
33-10903
Document Details
Legal Case Name
In the Matter of Belden Inc. and Dennis Wiser, CPA
Document Name
Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Sections 4C and 21C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission's Rules of Practice, Making Findings and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
14-Dec-2020
Document Format
Administrative Proceeding
AAER
4196
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On December 14, 2020, the SEC instituted settled cease-and-desist proceedings against Belden Inc. and Dennis Wiser, CPA, stating: "In 2017, Belden Inc., a signal transmission solutions company, improperly accelerated revenue at its subsidiary Grass Valley. Belden was informed of the risk of sales acceleration at Grass Valley when acquiring Grass Valley in 2014, but failed to devise and maintain sufficient internal accounting controls to prevent repeated acceleration of revenue at Grass Valley—on a small scale in 2015 and on a widespread basis in 2017. Grass Valley’s financial results were consolidated in Belden’s books and records and reported in Belden’s financial statements."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$650,000.00
Shared:
Other Defendants in Action:
