SEC Charges Executives for Certifying False Corporate Governance

The SEC alleges executives misrepresented who exercised executive authority after a court-barred co-founder continued to operate in a managerial role. According to the complaint, certifications, records, and auditor representations failed to reflect operational reality. This enforcement action emphasizes individual accountability when governance disclosures diverge from substance. Allegations remain unproven, but the relief sought targets personal liability rather than corporate penalties alone.