U.S. SEC charges cannabis firm Cronos, former exec with accounting fraud

1 min read
FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C.

(Reuters) – The U.S. Securities and Exchange Commission has charged Canadian cannabis company Cronos Group Inc and its former chief commercial officer with accounting fraud, the regulator said on Monday.

Cronos and the former executive, William Hilson, offered to settle the matter, without admitting or denying the SEC’s findings, by agreeing to cease and desist from future violations of the charged provisions, the SEC said.

The SEC said it decided against a financial penalty for the company given “its timely self-reporting, significant cooperation, and remediation.”

(Reporting by Eric Beech in Washington and Ismail Shakil in Ottawa, Editing by Franklin Paul)

tagreuters.com2022binary_LYNXMPEI9N0S1-BASEIMAGE

Breaking News:  European Parliament declares Russia a state sponsor of terrorism