SEC
Whistleblower
Attorneys

March 27, 2018

Maxwell Technologies, Inc., Van Andrews, David Schramm, James DeWitt

Financial Fraud

SANCTION AMOUNT: $2949991

Defendants: Maxwell Technologies, Inc.
Van Andrews, David Schramm, James DeWitt

Respondent, a manufacturer of energy storage and delivery products, and one of its former sales executives were charged with conducting a fraudulent revenue recognition scheme by entering into secret side deals with customers and falsifying records. Two former executives also were charged and settled for failing to adequately respond to red flags.

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