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Tag >> backdating
American Tower has one again become a target of regulators.
The telecom company said in a regulatory filing it has received a subpoena from the Securities and Exchange Commission requesting certain documents from 2007 through the present, including in particular documents related to the Company's tax accounting and reporting.
The former chief financial officer and founder and former CEO of Vitesse Semiconductor were charged for their roles in an accounting and securities fraud scheme.
Louis Tomasetta, the co-founder and former CEO and former CFO and Executive Vice President Eugene Hovanec , were charged with securities fraud, making false entries in the books and records of a corporation, making false filings with the Securities and Exchange Commission and conspiracy for their roles in a scheme to manipulate Vitesse's reported financial statements, according to Preet Bharara, the United States Attorney for the Southern District of New York.
Finally some good news for KB Home.
The homebuilder said the Securities and Exchange Commission has concluded its investigation into the company's accounting and disclosures and does not plan to recommend any enforcement action. The letter from the regulator concludes the SEC's investigation, which began in October 2009.
The SEC, under attack last week for its Goldman lawsuit and porn allegations, late Friday finally had a victory to celebrate.
Wednesday was not a good one for the CFO profession.
Two separate trials have gotten underway this week involving chief financial officers. One of them is civil while the other is criminal.
Remember the stock option backdating scandal? It qualified as the biggest financial scandal just a few years ago, until the Bernie Madoff fraud, the subsequent spate of Ponzi schemes, the Raj Rajaratnam insider trading scandal, and, of course, the global financial meltdown.
But, in the past week backdating has twice been in the news. And it was positive or negative, depending upon the participant.