December 6, 2021
Posted December 6, 2021
Dialysis provider American Renal Associates Holdings, Inc. and three of its former financial executives have entered into a settlement agreement resolving allegations of accounting fraud; ARA will pay a $2 million civil penalty. The company and it executives allegedly manipulated revenue by improperly recognizing payments from insurance companies for patient services, overstating net income by more than 30% in 2017 and by more than 200% for the first three quarters of 2018. The company issued restated financial in 2019. SEC
Tagged in: Accounting Fraud, Financial and Investment Fraud, Misrepresentations,