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Tag >> sec
Dec 02

Ex-energy CFO sentenced to 16 years in prison

Posted by Stephen Taub in US Attorneysecfraudcompliance

Stephen Taub

The former chief financial officer of an Oklahoma energy company was sentenced to 16 years in prison for his role in a fraud.

David Grose, who served as CFO of Quest Energy Partners LP from 2004 to 2008, was also ordered to serve three years of supervised release upon his release from prison, forfeit $1 million in assets, and pay $1 million in restitution to the company.

Nov 30

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.

Oct 22

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.

Sep 28

SEC proposal targets corporate short-term borrowing

Posted by Karen1 in short-term borrowingsec, Mary Schapiro, disclosure


The Securities and Exchange Commission voted unanimously last week to propose measures that would require companies to disclose more information on their short-term borrowings. The goal? "Under the proposed rules, investors would have better information about a company's financing activities during the course of a reporting period - not just a period-end snapshot," SEC chair Mary L. Shapiro said in a statement.

As the SEC noted in its release about the proposal, no regulation currently requires companies, other than bank holding companies, to disclose borrowing levels throughout a reporting period. That has prompted concern that companies may incur significant borrowing during a reporting period, only to cut way back at the end of the period in order to show lower levels of leverage.

Sep 17

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 07

Why do CFOs cook the books?

Posted by Karen1 in SEC enforcementsecaccounting manipulation


A recent study, "Why Do CFOs Become Involved in Material Accounting Manipulations," by researchers at the University of Pittsburgh and the University of Washington attempts to answer just this question. Their finding? Pressure from the companies' CEOs, more than the possibility of financial gain, tends to drive the actions of crooked CFOs.

Sep 02

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 30

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.

Aug 06

SEC settles three more bribery cases

Posted by Stephen Taub in Securities and Exchange Commissionsecforeign corrupt practices actcompliancebribery

Stephen Taub

The SEC is clearly not letting up with its crusade against bribery.

The regulator has brought three fresh bribery cases in the past two days, including another one stemming from the UN’s oil for food program in Iraq, which is fast-appearing to be one of the greatest get-rich schemes in corrupt third world country (sorry for the redundancy) history.

Aug 02

New Century execs settle sub-prime charges

Posted by Stephen Taub in sub-primeSecurities and Exchange CommissionsecNew Century Financialcompliance

Stephen Taub

For the second time in two days, the Securities and Exchange Commission settled charges stemming from the sub-prime mortgage crisis.

The regulator Friday said three former officers of New Century Financial-one of the poster children of risky mortgage lending-settled charges that certain SEC filings contained false and misleading statements regarding its subprime mortgage business.  The three individuals--Brad A. Morrice, the former CEO and co-founder; Patti M. Dodge, the former CFO; and David N. Kenneally, the former controller--agreed to pay out more than $1.3 million in disgorgement and penalties while agreeing to the terms of the settlement without admitting or denying the allegations in the Commission's Complaint.

The SEC alleged that New Century's second and third quarter 2006 reports and two late 2006 private stock offerings contained false and misleading statements regarding its subprime mortgage business. The complaint also claims that Morrice and Dodge knew about certain negative trends in New Century's loan portfolio from reports they received and that they participated in the disclosure process, but they did not take adequate steps to ensure that the negative trends were properly disclosed.

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