CFO JAILED: Cooked Books for Stock Scheme!

SEC v. Joshua A. Weiss — U.S. Securities and Exchange Commission Litigation Release No. 26591, dated July 23, 2026.

The SEC charged Joshua A. Weiss, former CFO of Kubient, Inc., for his role in a scheme to overstate and misrepresent the company's revenue. Weiss consented to a final judgment, which includes permanent injunctions, a three-year officer and director bar, and a $30,000 civil penalty. He also settled an administrative proceeding, resulting in a bar from practicing before the SEC as an accountant.

In Plain English

Imagine a company needs to look good for investors when it's selling shares. The CFO, Joshua Weiss, allegedly made the company's sales numbers look much higher than they really were. He did this to make the company seem more successful during two stock sales. Now, a judge has ordered him to pay a $30,000 fine and banned him from being an officer or director of a public company for three years.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Inflating Revenue Figures Joshua A. Weiss, as CFO of Kubient, Inc., allegedly orchestrated a scheme to overstate and misrepresent the company's revenue. This was done to make the company appear more financially successful than it was.
2. Misleading Public Stock Offerings The misrepresented revenue figures were presented in connection with two public stock offerings. This meant potential investors were given a false impression of the company's financial health when deciding to buy shares.
3. Consent to Judgment Without admitting the SEC's allegations, Weiss consented to a final judgment. This judgment permanently enjoins him from violating specific securities laws related to fraud and misrepresentation.
4. Officer and Director Bar As part of the judgment, Weiss received a three-year bar prohibiting him from serving as an officer or director of any public company. This prevents him from holding similar positions in the future.
5. Civil Penalty Imposed Weiss was ordered to pay a civil penalty of $30,000. This penalty is a financial sanction for his alleged role in the revenue misrepresentation scheme.
6. Settlement with SEC Separately, Weiss settled an administrative proceeding with the SEC. In this settlement, he agreed to a sanction that denies him the privilege of practicing before the Commission as an accountant for at least one year.

The Enforcement Action

SEC Obtains Final Consent Judgment as to Former CFO Charged with Overstating and Misrepresenting Revenue in Connection with Two Public Stock Offerings. On July 8, 2026, the U.S. District Court for the Southern District of New York entered a final judgment as to Joshua A. Weiss, whom the SEC previously charged for his role in an alleged scheme in which Kubient, Inc. overstated and misrepresented its revenue in connection with two public stock offerings. Without admitting the allegations in the SEC’s complaint, Weiss consented to the entry of the final judgment, which permanently enjoins him from violating Section 17(a)(3) of the Securities Act of 1933 and Rules 13b2-1 and 13b2-2 of the Securities Exchange Act of 1934, and from directly or indirectly controlling any person who violates Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-11 thereunder. The final judgment also imposes a three-year officer and director bar and orders Weiss to pay a civil penalty of $30,000. Separately, in a settled administrative proceeding, Weiss consented, without admitting the SEC’s findings, to a sanction denying him the privilege of appearing or practicing before the Commission as an accountant, with a right to request reinstatement after one year from the date of the Commission’s order. The Commission instituted this Order on July 10, 2026.

Named in this action: Joshua A. Weiss.

Original SEC litigation release ↗ · Browse all cases