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May 28, 2014
17:50 EDTDGSEDGSE Co's reaches resolution on SEC investigation
DGSE Companies has reached a settlement with the SEC which concludes the SEC’s investigation of accounting issues at DGSE from 2009 to 2011. The SEC investigation focused on accounting irregularities uncovered after the departure of prior management, which DGSE subsequently self-reported to the SEC. Under the terms of the settlement, the company consented to the entry of a judgment requiring it to implement corporate governance reforms. DGSE also agreed to the appointment of an independent consultant to review the company’s accounting controls. No civil penalties were to be imposed on DGSE. Concurrent with the settlement, DGSE’s former CFO, John Benson, agreed to pay a $75K penalty, be permanently barred from serving as an officer or director of a public company, and be suspended from practicing as an accountant on behalf of any publicly traded company or other entity regulated by the SEC. DGSE is charged with reporting, recordkeeping, and internal controls failures. DGSE and Benson each consented to injunctions against future violations of these provisions, and DGSE has already taken or agreed to take remedial steps to correct its deficiencies.
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