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Tag >> Securities and Exchange Commission
Dec 13
2010

Ex-McAfee CFO's conviction overturned

Posted by Stephen Taub in securities fraudSecurities and Exchange CommissionCourt of AppealscomplianceAccounting

Stephen Taub

The US Appeals Court overturned the securities fraud conviction of the former chief financial officer at Network Associates (now called McAfee), who had been sentenced to a year and a day in prison.

In reversing the lower court's decision in the case involving Prabhat Goyal,, the Ninth Circuit Appeals Court rebuked the prosecutor and the judge in the case, asserting "The government shouldn't have brought charges unless it had clear evidence of wrongdoing, and the trial judge should have dismissed the case when the prosecution rested and it was clear the evidence could not support a conviction."

Nov 30
2010

Ex-Deloitte partner, wife charged with insider trading

Posted by Stephen Taub in Securities and Exchange CommissionSEC enforcementsecinsider tradingDeloittecompliance

Stephen Taub

The Securities and Exchange Commission's aggressive crackdown on illegal insider trading has snared a former Deloitte Tax LLP partner and his wife.

The pair on Tuesday was accused with repeatedly leaking confidential merger and acquisition information to family members overseas in what the regulator calls a multi-million dollar insider trading scheme.

The SEC alleges that Arnold McClellan, head of one of Deloitte's regional mergers and acquisitions teams, and his wife Annabel provided advance notice of at least seven acquisitions planned by Deloitte's clients to Annabel's sister and brother-in-law in London. The brother-in-law then took positions in US companies that were targets of acquisitions by Arnold McClellan's clients.

Nov 26
2010

Delayed filings rise slightly this year

Posted by Stephen Taub in Securities and Exchange Commission, SEC filings, quarterly report, Glass Lewiscompliance, annual report

Stephen Taub

The number of companies that have filed their financials late is on the rise this year. But, it is still well below levels of recent years.

According to a recent report from Glass Lewis, 95 companies did not file their quarterly or annual reports on time in the first three months of 2010. This is up slightly from 92 at this point last year.

Oct 22
2010

SEC settles Reg FD charges with Office Depot

Posted by Stephen Taub in Securities and Exchange CommissionsecRegulation FDReg FDOffice DepotAccounting

Stephen Taub

The SEC has settled a rare Reg FD case with Office Depot and two of its executives, including its top finance exec.

The Securities and Exchange Commission also charged Office Depot with unrelated accounting violations.

Oct 19
2010

Input wanted: International accounting convergence

Posted by dbedell in US GAAPSecurities and Exchange CommissionRiskIFRSIASBFASBcomplianceaccounting convergence

dbedell

International accounting standards convergence has taken another small step forward with the FASB's announcement on Tuesday of a request for input on the timing of new accounting and reporting standards.

Comments on the board's discussion paper on convergence timing must be in by January 31 next year, although comments on certain sections of the current convergence plan must be in sooner than that.

Sep 23
2010

Ex-Delphi treasurer settles accounting fraud charges

Posted by Stephen Taub in Securities and Exchange Commissioncomplianceaccounting fraudAccounting

Stephen Taub

The former treasurer of Delphi has settled civil accounting fraud charges in the Securities and Exchange Commission's four-year case.

John Blahnik, who served as Treasurer and Vice President of Treasury, Mergers and Acquisitions of the auto parts giant from 1998 to 2005, agreed to pay $100,000 in disgorgement and civil penalties. He also agreed to a five-year bar from serving as an officer or director of a public company.

Sep 17
2010

Countrywide lawsuit cleared for trial

Posted by Stephen Taub in sub-primeSecurities and Exchange CommissionsecmortgagesCountrywide Financialcompliance

Stephen Taub

One of the most high profile players in the subprime lending crisis is going to trial in October.

A US District Judge in Los Angeles denied a motion to dismiss the civil charges against three former top executives at Countrywide Financial Corp.--Chief Executive Officer Angelo Mozilo, chief operating officer and president David Sambol and chief financial officer Eric Sieracki.

Sep 02
2010

KB Home cleared of accounting charges

Posted by Stephen Taub in stock optionsSecurities and Exchange CommissionseccompliancebackdatingAccounting

Stephen Taub

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.

Aug 31
2010

ABS regulatory murk hurts issuance

Posted by dbedell in Securities and Exchange Commissionregulatory frameworkFDICDodd-FrankDealsasset backedABS

dbedell

The FDIC and SEC are working hard to enact government-mandated regulatory reform for the US ABS markets as called for in Dodd-Frank. However, the two agencies, along with four other agencies that oversee the ABS markets in some way, each have proposed specific guidelines that interpret how market reform should be implemented.

Aug 30
2010

Two former Dell finance execs settle fraud charges

Posted by Stephen Taub in settlementSecurities and Exchange Commissionsecfraudcookie jar accountingcomplianceAccounting

Stephen Taub

More problems for Dell.

The Securities and Exchange Commission settled civil charges with two former Dell finance executives for their role in the company's alleged accounting fraud.

Former chief accounting officer Robert Davis agreed to pay a penalty of $175,000, disgorgement of $19,080, and prejudgment interest of $9,078. He also agreed to a five-year suspension from appearing or practicing before the SEC as an accountant.

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