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SEC

In 2015, a news report said that the flooring products of a listed company, "Lumber Liquidators," contained dangerously high levels of Formaldehyde. The company issued a denial and filed it with the SEC. That denial was untrue.

CoNet Section: 

The USA's Securities and Exchange Commission is, understandably, delighted: yesterday, it told a Court that USD230 million held in an offshore account in the name of a fund under investigation as a possible ponzi scheme has been transferred to the SEC pending the conclusion of investigations against Highview Point Partners and the operators of the fund.

Today is the 17th May. It's Tuesday. But in the USA, even on the East Coast, it's still Monday evening. That makes the deluge of enforcement announcements that the SEC has issued in the past few hours all the more impressive. Less impressive is that some related to action more than a week ago, and in some cases in February 2011 which renders them of less value for due diligence purposes where freezing orders have been obtained.

The USA's Securities and Exchange Commission has started proceedings against David M Tamman, a lawyer and partner with Greenberg Traurig LLP of Santa Monica, California, alleging improper professional conduct during an SEC examination.

CoNet Section: 

On 29 January 2003, KPMG issued a press release responding to the writ issued by the SEC. The full text of the KPMG release is below.

The full text of the 2003 writ in the case of the USA's SEC v KMPG JOSEPH T. BOYLE, MICHAEL A.
CONWAY, ANTHONY P. DOLANSKI and RONALD A. SAFRAN alleging "Defendants KPMG LLP ("KPMG") and certain KPMG partners permitted Xerox Corporation ("Xerox") to manipulate its accounting practices and fill a USD3,000 million "gap" between actual operating results and results reported to the investing public from 1997 through 2000." Civil Action No. 03-CV-0671(DLC) COMPLAINT SECURITIES FRAUD Reproduced verbatim.

 


 

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