Defendant Name: WM Technology, Inc.

Defendant Type: Public Company

Document Reference: LR-26127

Document Details

Legal Case Name SEC v. Christopher Beals and Arden Lee
Document Name SEC Charges Public Company WM Technology, Inc. and Two Former Senior Executives with Making Negligent Misrepresentations Regarding the “Monthly Active Users” on the Company’s Online Cannabis Marketplace
Document Date 25-Sep-2024
Document Format Administrative Proceeding
File Number 3-22172
Allegation Type Issuer Reporting and Disclosure
Document Summary On September 25, 2024, the SEC stated that: "[It] charged public company WM Technology, Inc.(Nasdaq: MAPS), its former CEO, Christopher Beals, and its former CFO, Arden Lee, for making negligent misrepresentations in WM Technology's public reporting of a self-described key operating metric, the "monthly active users," or "MAU," for WM Technology's online cannabis marketplace."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Monetary Penalties:

Civil Penalty

Individual:     $1,500,000.00 Shared:    

Related Documents:

33-11309 24-Sep-2024 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On September 24, 2024, the SEC instituted cease-and-desist proceedings against WM Technology, Inc., stating: "These proceedings arise from WM Technology’s untrue and misleading reporting of “monthly active users,” or “MAU.”"

Related Actions:

SEC v. Christopher Beals and Arden Lee
Christopher Beals
Arden Lee