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Books and records

SEC Charges Former CFO and Coo with Falsifying Books and Records and Circumventing Internal Controls to Misappropriate Funds

By Securities Docket on July 28, 2022, 8:40 am

The Securities and Exchange Commission today announced it was charging Frank Okunak, the former Chief Financial Officer and Chief Operating Officer of a subsidiary of a public global advertising and marketing company, with falsifying books and records and circumventing accounting controls to misappropriate more than $16 million for his benefit. The SEC’s complaint, filed in […]

Posted in SEC, Top | Tagged Books and records

SEC hits Cardinal Health with accounting violations | CFO Dive

By Securities Docket on March 4, 2020, 9:50 am

Ohio-based pharmaceutical company Cardinal Health will pay more than $8 million to resolve charges it violated the books, records and internal accounting controls provisions of the Foreign Corrupt Practices Act, the SEC announced Monday. Cardinal’s internal accounting controls were insufficient to detect improper payments made by employees of its former Chinese subsidiary, the SEC said. […]

Posted in SEC, Top | Tagged Books and records

Special ‘chairman’s flight’ leads to SEC action against United Airlines | Compliance Week

By Securities Docket on December 2, 2016, 3:03 pm

The SEC announced an unusual and interesting administrative proceeding today against United Continental Holdings, Inc., the parent company of United Airlines. According to the SEC’s order, United reinstated a money-losing nonstop flight between Newark, N.J., and Columbia, S.C., to accommodate David Samson, the then-chairman of the Port Authority of New York and New Jersey. The SEC […]

Posted in SEC, Top | Tagged Books and records

Beware the SEC’s Sweeping Definition of Books, Records | Corporate Counsel

By Securities Docket on August 21, 2015, 9:29 am

The federal securities laws require public companies to make and keep detailed and accurate “books, records, and accounts.” One might assume that a securities law relating to books and records covers materials used in the preparation of financial statements. But in practice, the U.S. Securities and Exchange Commission applies a much broader definition that seems […]

Posted in SEC, Top | Tagged Books and records

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