ion today filed a civil action alleging that former credit ratings agency Morningstar Credit Ratings LLC violated disclosure and internal controls provisions of the federal securities laws in rating commercial mortgage-backed securities (CMBS).
Credit ratings are used by market participants to help evaluate credit risk, price certain securities, and guide the investment decisions of...
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Category: Accounting fraud
SEC suspends and and charges two former KPMG auditors for improper conduct during audit of not for profit New Rochelle College
The Securities and Exchange Commission has suspended two former KPMG auditors from practicing before the SEC in connection with settled charges against the two for improper professional conduct during an audit of the , not-for-profit College of New...
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Former CEO to Pay $2 Million Over Accounting Fraud Charges
Mark Frissora, the former CEO and chairman of Hertz, must repay nearly $2m to the popular United States car rental company to settle charges of filing inaccurate financial statements and disclosures. In response to his alleged actions, the Securities and Exchange Commission (SEC) charged Frissora with aiding and abetting Hertz in a...
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Accounting Fraud and the SEC Whistleblower Program
The U.S. Securities and Exchange Commission (“SEC”) regulates the country's stock and options markets. In order to prevent and detect fraud, the SEC relies on individuals to provide information about various types of financial misconduct. Those who provide information concerning financial fraud to the SEC are called whistleblowers. Under the SEC...
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Massachusetts accountant pleads guilty to money laundering and conspiracy to defraud IRS in Panama Papers info case
Massachusetts accountant Richard Gaffey has pleaded guilty in federal court to charges he helped a client evade U.S. taxes in a case stemming from a trove of leaked documents known as the Panama Papers. Mr. Gaffey was scheduled to go to trial March 6 but instead he pleaded guilty Friday to an eight-count indictment...
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U.S. Treasury report says lack of requirement to disclose company beneficial ownership the critical vulnerability in U.S. financial system
The U.S. Treasury has issued a new report which says that...
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SEC charges Iconix Brand Management Group and 3 former execs with accounting fraud creating fake revenue to meet analyst estimates
The Securities and Exchange Commission today charged brand-management company Iconix Brand Group Inc. and three of its former top executives with fraud. Iconix and two of its former executives have agreed to settle. The SEC’s litigation is proceeding against Iconix’s former CEO.
The SEC’s complaint against former Iconix CEO Neil Cole and former Chief Operating Officer Seth...
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SEC charges Biotech company MiMedx Group Inc. and execs with accounting fraud
The Securities and Exchange Commission today charged biotech company MiMedx Group Inc. and three former top executives with defrauding investors by misstating the company’s revenue and attempting to cover up their misconduct. MiMedx has agreed to a settlement...
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