The SEC’s orders require Margis and Uonaga to pay penalties of $75,000 and $50,000, respectively. The order against Uonaga also suspends him from appearing or practicing before the SEC as an accountant, which includes not participating in the financial reporting or audits of public companies. The order permits Uonaga to apply for reinstatement after five years. Margis and Uonaga consented to the entry of their orders without admitting or denying the findings.

“Holding individuals accountable, particularly senior executives, is critical,” said Antonia Chion, Associate Director of the SEC’s Enforcement Division. “Compliance starts at the top and senior executives who fail in their duty to comply with the federal securities laws will be held responsible.”