Former Provectus CEO 'fraudulently obtained more than $3 million' in expenses, company statement says
Clinical-stage US biotech Provectus Biopharmaceuticals (OTCQB: PVCT) has reached a settlement with the US Securities and Exchange Commission (SEC) in connection with investigations relating to two former executives and the company.
A Provectus statement on the settlement, which does not include monetary penalties, says: “The SEC found that for a period of years Provectus’ former chief executive Craig Dees fraudulently obtained more than $3 million in purported business travel advances and expense reimbursements that he used for personal benefit. Mr Dees submitted false cash advance requests and expense reports containing limited details of the claimed business trips, and he provided no or false documentation for most of these expenses.
"Provectus fired wrongdoers, took other steps to remedy its controls, and provided SEC staff with critical information regarding its former executives’ expense reimbursement abuses"
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