WEX Inc.: $350K Fine

Administrative Order by the U. S. Securities and Exchange Commission imposing a fine of $350,000 on WEX Inc., described as “a Maine-based reporting company that describes itself as a financial technology service provider” for failing “properly to devise and maintain a sufficient system of internal accounting controls at its Brazilian subsidiary, UNIK S.A.”, that led to “errors in WEX Brazil’s financial statements back to fiscal year 2013 totaling approximately $85.5 million, mostly relating to the overstatement of unbilled receivables. This amount included about $8 million in suspected theft or unauthorized transactions by former WEX Brazil employees”.