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SEC Charges ‘Imaginary’ Cloud Computing Business with Financial Fraud – Compliance Week
The SEC brings dozens of financial fraud cases each year. Usually the cases involve companies that, in an effort to make the numbers expected of them by investors, violate GAAP in order to recognize more revenue, hide expenses, inflate assets, etc. In most cases, of course, there is an underlying business at these companies that [...]
Fannie Mae, KPMG agree to pay $153 mln to end shareholder lawsuit
Fannie Mae and accounting firm KPMG agree to pay $153 million to settle shareholder lawsuit alleging false and misleading financial reports.
China-Based Company and Former CFO to Pay Penalties for Disclosure and Accounting Violations
SEC charges Keyuan Petrochemicals and its former CFO with accounting and disclosure violations.
Satyam Shareholders in India Have No Recourse, No Recovery
While U.S. shareholders secure a $125 million settlement, Indian shareholders in Satyam have had no such luck and their prospects for any future recovery are bleak.
Court Acquits Ex-Nortel Executives of Fraud Charges
Nortel’s former chief executive, chief financial officer, and corporate controller found not guilty of misstating Nortel’s financial results between 2000 and 2004.
Is The SEC’s Ponzi Crusade Enabling Companies To Cook The Books, Enron-Style? – Forbes
The Securities & Exchange Commission remains quite busy. In fiscal 2011 the agency brought a record 735 enforcement actions. But those looking to see the next Jeff Skilling or Richard Scrushy frog-marched in front of television cameras will be sorely disappointed. Only 89 of those actions targeted fraudulent or misleading accounting and disclosures by public [...]
SEC’s ‘.44 Magnum’ Case Has Everything from One-Eyed Mystery Villains to Vegas Call Girls
Facts alleged in SEC’s “.44 Magnum Leveraged Financing Program” case may leave you shaking your head.
Max Berger, Investors’ Billion-Dollar Fraud Fighter
Bernstein Litowitz Berger & Grossmann has represented investors in five of the 10 largest securities-fraud recoveries.
SEC Charges Bank Executives in Nebraska with Understating Losses During Financial Crisis
SEC alleges three former bank executives in Nebraska schemed to understate millions of dollars in losses at height of financial crisis.
Japan: Guilty Pleas in Trial Over Olympus Scandal
Olympus and three former executives plead guilty to charges related to $1.7 billion accounting cover-up.