The co-founder of a Las Vegas-based software company has agreed to pay a $97,523 fine to settle charges laid by the Securities and Exchange Commission (SEC) that he impeded a whistleblower’s attempt to communicate with the agency about a securities law violation.
David Hansen, co-founder and former chief information officer at fraud detection and prevention software company NS8, agreed to pay the fine for violating the SEC’s whistleblower rule without admitting or denying the agency’s findings. He also consented to a cease-and-desist order.
The SEC alleged in its order that in 2018 and 2019, an NS8 employee raised concerns internally that the company was overstating its customer data to deceive the public and investors about its financial health. The whistleblower raised the concerns to a number of NS8 executives, including Hansen, even though he did not report directly to Hansen.
In July 2019, the whistleblower submitted a tip to the SEC, the order said.
A month later, the whistleblower told Hansen that “unless NS8 addressed this inflated customer data, he would reveal his allegations to NS8’s customers, investors, and any other interested parties.” He made the same statement to his manager later that day, the order said.
In response, Hansen and the company’s chief executive took steps to remove the whistleblower’s access to NS8’s computer system, including access to customer data, according to the SEC. Hansen allegedly told the CEO he could use the company’s “agent”...
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