SEC Charges Stanley Black & Decker and Former Executive for Failures in Executive Perks Disclosure
summary
The SEC settled charges with Stanley Black & Decker Inc
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The SEC settled charges with Stanley Black & Decker Inc. and former executive Jeffrey D. Ansell over undisclosed executive perquisites. The company failed to report roughly $1.3 million in personal benefits—mainly corporate‑aircraft expenses—for four officers and a director from 2017‑2020, while Ansell personally received about $280,000 in undisclosed expenses. Stanley Black & Decker, which self‑reported the violations, faced a cease‑and‑desist order but no civil penalty; Ansell consented to a cease‑and‑desist order and a $75,000 civil penalty. The SEC emphasized the importance of disclosure compliance and rewarded the company’s cooperation and remediation.
Classified corporate-fraud(confidence 90%). EDGAR detection: forms 10-K/10-Q/8-K· recall 56% / precision 8%. detection rule →
Parties
gurbir s. grewalJeffery D. Ansellperquisite disclosure failuressec compensation disclosure rulessec investigationSecurities and Exchange Commissionstanley black & decker inc.
Keywords
stanley blackblack deckersecstanleyblackdeckerexecutiveorderagainst stanleyproxy solicitationfederal securitiessecurities lawsdisclosuresecuritiesagainst
Exhibits & Attached Documents (2)
Extracted insights
Dollar amounts 3
- $1.30M $1.3 million $1M–$10M
- $280K $280,000 $100K–$1M
- $75K $75,000 $10K–$100K
Entities 7
- person gurbir s. grewal
- person Jeffery D. Ansell
- person perquisite disclosure failures
- agency sec compensation disclosure rules
- agency sec investigation
- agency Securities and Exchange Commission
- company stanley black & decker inc.
Triples 14
- SEC announced settled charges against Stanley Black & Decker Inc.
- Stanley Black & Decker Inc. failed to disclose Perquisites provided to certain executives
- Jeffery D. Ansell agreed to settle Charges
- Jeffery D. Ansell caused Stanley Black & Decker to violate proxy solicitation and books and records provisions
- Stanley Black & Decker failed to disclose $1.3 Million worth of perquisites and personal benefits
- Stanley Black & Decker failed to apply SEC Compensation Disclosure Rules
- Stanley Black & Decker self-reported Perquisite Disclosure Failures
- Stanley Black & Decker cooperated with SEC Investigation
- Jeffery D. Ansell received $280,000 in personal expenses
- SEC declined to bring charges against Stanley Black & Decker
- Gurbir S. Grewal said Today's Action Reaffirms Commission's Commitment
- Stanley Black & Decker consented to Order Requiring Cease and Desist
- Jeffery D. Ansell consented to Order Requiring Cease and Desist and $75,000 Civil Penalty
- Oreste P. McClung and Brian R. Higgins conducted SEC Investigation
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Extracted body text (2,824c)
The Securities and Exchange Commission today announced settled charges against Stanley Black & Decker Inc., a publicly traded tools company, for failing to disclose perquisites it provided to certain executives. In addition, Jeffery D. Ansell, a former Stanley Black & Decker executive, agreed to settle charges that he caused Stanley Black & Decker to violate proxy solicitation and books and records provisions of the federal securities laws. According to the SEC’s order against Stanley Black & Decker, the company failed to disclose at least $1.3 million worth of perquisites and personal benefits paid to, or on behalf of, four of its executive officers and one of its directors from 2017 through 2020. The perquisites predominantly consisted of expenses associated with the executives’ use of corporate aircraft. The order finds that Stanley Black & Decker failed to appropriately apply the SEC’s compensation disclosure rules to its system for identifying, tracking and calculating perquisites. The order does not impose a civil penalty against Stanley Black & Decker, which self-reported the perquisite disclosure failures and other conduct potentially implicating the federal securities laws, cooperated with the SEC’s investigation, and implemented remedial measures. According to the SEC’s separate order against Ansell, while he was a senior executive at Stanley Black & Decker, Ansell received undisclosed compensation that consisted, in part, of $280,000 in personal expenses he charged to the company. After consideration of Stanley Black & Decker’s self-reporting, cooperation, and remediation, the SEC declined to bring charges against the company related to Ansell’s conduct. “Today’s action not only reaffirms the Commission’s commitment to enforcing executive compensation disclosure rules, but also to incentivizing self-reporting and cooperation when entities and individuals discover violations of the federal securities laws,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “In the end, proactive compliance enhances public trust in our markets and benefits all participants, especially the investing public.” Without admitting or denying the SEC’s findings, Stanley Black & Decker consented to an order requiring it to cease and desist from violations of reporting and proxy solicitation provisions of the Securities Exchange Act of 1934. Without admitting or denying the SEC’s findings, Ansell consented to an order requiring him to cease and desist from violations of proxy solicitation and books and records provisions of the Exchange Act and to pay a $75,000 civil penalty. The SEC’s investigation was conducted by Oreste P. McClung and Brian R. Higgins and supervised by Brendan P. McGlynn, Scott A. Thompson, and Nicholas Grippo, all of the Philadelphia Regional Office.
OCR text (2,824c · html-text · 99% conf)
The Securities and Exchange Commission today announced settled charges against Stanley Black & Decker Inc., a publicly traded tools company, for failing to disclose perquisites it provided to certain executives. In addition, Jeffery D. Ansell, a former Stanley Black & Decker executive, agreed to settle charges that he caused Stanley Black & Decker to violate proxy solicitation and books and records provisions of the federal securities laws. According to the SEC’s order against Stanley Black & Decker, the company failed to disclose at least $1.3 million worth of perquisites and personal benefits paid to, or on behalf of, four of its executive officers and one of its directors from 2017 through 2020. The perquisites predominantly consisted of expenses associated with the executives’ use of corporate aircraft. The order finds that Stanley Black & Decker failed to appropriately apply the SEC’s compensation disclosure rules to its system for identifying, tracking and calculating perquisites. The order does not impose a civil penalty against Stanley Black & Decker, which self-reported the perquisite disclosure failures and other conduct potentially implicating the federal securities laws, cooperated with the SEC’s investigation, and implemented remedial measures. According to the SEC’s separate order against Ansell, while he was a senior executive at Stanley Black & Decker, Ansell received undisclosed compensation that consisted, in part, of $280,000 in personal expenses he charged to the company. After consideration of Stanley Black & Decker’s self-reporting, cooperation, and remediation, the SEC declined to bring charges against the company related to Ansell’s conduct. “Today’s action not only reaffirms the Commission’s commitment to enforcing executive compensation disclosure rules, but also to incentivizing self-reporting and cooperation when entities and individuals discover violations of the federal securities laws,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “In the end, proactive compliance enhances public trust in our markets and benefits all participants, especially the investing public.” Without admitting or denying the SEC’s findings, Stanley Black & Decker consented to an order requiring it to cease and desist from violations of reporting and proxy solicitation provisions of the Securities Exchange Act of 1934. Without admitting or denying the SEC’s findings, Ansell consented to an order requiring him to cease and desist from violations of proxy solicitation and books and records provisions of the Exchange Act and to pay a $75,000 civil penalty. The SEC’s investigation was conducted by Oreste P. McClung and Brian R. Higgins and supervised by Brendan P. McGlynn, Scott A. Thompson, and Nicholas Grippo, all of the Philadelphia Regional Office.