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Tag Archives: Internal Controls
SEC Charges Fifth Third Bancorp and its Former CFO Daniel Poston with Fraud for Accounting Practices during the Financial Crisis
In the Matter of Fifth Third Bancorp and Daniel Poston, Admin. Proc. No. 3-15635. On December 4, 2013, the SEC announced it filed a Settled Administrative Order Instituting Proceedings (“OIP”) against Fifth Third Bancorp and its former CFO Daniel Poston. … Continue reading
Posted in Securities
Tagged Books and Records, Fraud, Internal Controls, SEC, Securities Act, Securities Exchange Act
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SEC Charges Chinese Company Keyuan Petrochemicals with Fraud
SEC v. Keyuan Petrochemicals, Inc. and Aichun Li, Case No. 1:13-cv-00263 (D.D.C.). On February 28, 2013, the SEC announced fraud charges against Keyuan Petrochemicals, Inc., a Chinese issuer formed through a reverse merger in April 2010. The SEC also charged the Company’s … Continue reading
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Tagged Books and Records, Fraud, Internal Controls, SEC, Securities Act, Securities Exchange Act
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SEC Charges Volt Information Sciences, Debra Hobbs and Jack Egan With Securities Fraud
SEC v. Jack J. Egan, Jr., Case No. 13-CV-236 (S.D.N.Y.); SEC v. Volt Information Sciences, Inc. and Debra L. Hobbs, Case No. 13-CV-237 (S.D.N.Y.). On January 10, 2013, the SEC filed enforcement actions alleging securities fraud against Volt Information Sciences, … Continue reading
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Tagged Books and Records, Fraud, Internal Controls, SEC, Securities Act, Securities Exchange Act
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SEC Charges Subramanian Krishnan With Evading Internal Controls
SEC v. Subramanian Krishnan, Case No.: 12-CV-2495 PAM-JJG (D. Minn.). On September 28, 2012, the SEC announced it had filed a partially-settled enforcement action against Subramanian Krishnan. Krishnan was the former CFO of Digi International, Inc. (“Digi”). Corporate funds were used to pay for unauthorized travel … Continue reading
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Tagged Fraud, Internal Controls, SEC, Securities Act, Securities Exchange Act
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SEC Files Fraud Charges Against Bank Executives For Misstating Losses
SEC v. Gilbert G. Lundstrom et al., Case No. 8:12-cv-00343 (D. Neb.); SEC v. Don A. Langford, Case No. 8:12-cv-00344 (D. Neb.). On September 25, 2012, the SEC announced fraud charges against Gilbert Lundstrom, who was CEO and chairman of … Continue reading
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Tagged Books and Records, Fraud, Insider Trading, Internal Controls, SEC, Securities Exchange Act
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SEC Obtains Asset Freeze and Temporary Restraining Order Against Michael Borish and Michael Ciarlone
SEC v. Freedom Environmental Services, Inc., et al., Case No.: 6:12-CV-1415-ORL-28-DAB (M.D. Fl.). On September 17, 2012, the SEC announced it had obtained a temporary restraining order, asset freeze and appointment of a receiver to preserve assets. The SEC charged Michael … Continue reading
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Tagged Books and Records, Fraud, Internal Controls, SEC, Securities Act, Securities Exchange Act
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SEC Charges Yan-qing Liu With Fraud For Bolstering Financial Results With Fake Sales
SEC v. China Sky One Medical, Inc. and Yan-qing Liu, Case No. CV12-7543 MWF (MANx) (C.D. Cal.). On September 4, 2012, the SEC charged China-based China Sky One Medical, Inc. (“CSKI”) and its CEO and chairman Yan-qing Liu with fraud. CSKI claimed in public … Continue reading
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Tagged Books and Records, Fraud, Internal Controls, SEC, Securities Act, Securities Exchange Act
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SEC Charges Chicago-Based Huron Consulting Group and Two Former Executives With Accounting Violations
In the Matter of Huron Consulting Group, Inc., Gary L. Burge, CPA, and Wayne E. Lipski, CPA, Admin. Proc. No. 3-14958. On July 19, 2012, the SEC issued an administrative order finding that Huron Consulting Group Inc., a provider of … Continue reading
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Tagged Books and Records, Internal Controls, SEC, Securities Exchange Act
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Securities Enforcement Blog 