The SEC announced that three former directors of Pompano Beach, Fla.-based DHB Industries have agreed to more than $1.6 million in monetary sanctions to settle charges that they were involved in an accounting fraud. The settlements impose permanent officer-and-director bars in addition to the monetary sanctions. The settlements are subject to court approval.
Eric I. Bustillo, Director of the SEC's Miami Regional Office said, “These directors failed to comply with their responsibilities by ignoring the repeated red flags of the massive accounting fraud that senior management orchestrated at DHB. While we won’t second guess the good-faith efforts of most company directors, we will hold accountable those who completely abdicate the duties they owe to the companies and shareholders they represent.” DHB Industries is currently known as Point Blank Solutions.
Three Former Directors at Military Body Armor Supplier Settle SEC Charges