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ARTICLE · 20 NOVEMBER 2024

SEC Announces Enforcement Action Against Gatekeepers

Winston Taylor
Explore more from Winston Taylor

On September 16, 2024, the Securities and Exchange Commission (SEC) filed securities fraud charges (the Enforcement Action) against the former chief executive...

United StatesCriminal Law
Michael J. Blankenship
Michael J. Blankenship
David A. Sakowitz
David A. Sakowitz
Jeremy Spankowski
Jeremy Spankowski
Drew Pierce
Drew Pierce

On September 16, 2024, the Securities and Exchange Commission (SEC) filed securities fraud charges (the Enforcement Action) against the former chief executive officer (CEO), former chief financial officer (CFO), and former audit committee chair (the AC Chair) of Kubient Inc. (Kubient), a technology company that provided services to the digital-advertising industry via a cloud-based software platform.1

The complaints (the Complaints) filed in connection with the Enforcement Action allege that Kubient's CEO engaged in deceptive acts and practices to falsely inflate revenue generated by Kubient Artificial Intelligence (KAI), Kubient's flagship product, which was designed to detect fraud during digital-advertising auctions. The Complaints allege that the CEO instructed employees to fabricate KAI fraud analysis reports and further instructed the CFO to send the fabricated reports to Kubient's independent auditor, leading to false revenue recognition of $1.3 million. The

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