SEC charges former execs of ESSI with backdating
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The U.S. Securities and Exchange Commission said on Tuesday it charged the former chief financial officer and former controller of Engineered Support Systems Inc. with stock options backdating fraud.
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Two ex-Computer Associates executives, including former chief executive Sanjay Kumar, have been charged with securities fraud, conspiracy and obstruction of justice relating to their alleged involvement in a multi-billion dollar accountancy scandal.
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The US Securities and Exchange Commission said on Tuesday it brought fraud and insider trading charges against former top executives of bankrupt credit card issuer NextCard Inc.
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Two former top executives of DHB Industries, the leading supplier of body armor to the U.S military, were indicted on charges of insider trading, fraud and tax evasion.
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The U.S. Securities and Exchange  Commission on Wednesday said it filed civil fraud charges  against six former senior officers at Peregrine Systems Inc.  PRGN.PK who orchestrated and tried to cover up a massive  accounting fraud at the technology company.
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(InfoWorld) - U.S. and Canadian stock regulators filed fraud charges on Monday against several former executives of Nortel Networks, accusing them of twisting accounting practices to make it seem that the company was meeting Wall Street expectations. The U.S. Securities and Exchange Commission charged Frank Dunn, Nortel's former CEO and CFO, Douglas Beatty, the former CFO and controller, Michael Gollogly, the former controller and MaryAnne Pahapill, the former assistant controller. Meanwhile, the Ontario Securities Commission announced it would hold a hearing on May 1 to consider sanctions against Dunn, Beatty and Gollogly. The charges come as Nortel struggles to recover from the scandal. The company had fired or accepted resignations from all four managers by 2005, but is still repairing the damage to its financial records and its reputation. On March 1, Nortel said it would post yet another round of financial restatements and delay the filing of its 2006 annual report. The defendants all disregarded accounting practices and disclosure requirements in their effort to manipulate the books at the Canadian telecommunications equipment maker, the SEC said in charges filed in the U.S. District Court for the Southern District of New York. "The fraudulent conduct at issue here was egregious and long-running," said Linda Thomsen, director of the SEC's division of enforcement, in a statement. "Each of the defendants betrayed Nortel's investors and their misconduct gave rise to billions of dollars in shareholder losses." According to the SEC, between late 2000 and January 2001, Dunn, Beatty and Pahapill changed Nortel's revenue-recognition policies so they could appear to meet financial forecasts. And from July 2002 through June 2003, Dunn, Beatty and Gollogly created an illegal pool of reserve funds they used to fabricate profits, meet earnings targets and award bonuses. Then, in the second half of 2003, Dunn and Beatty tried to cover their tracks by explaining the company's $948 million restatement as an accounting error caused by internal control mistakes, the SEC said. That restatement was actually caused by the secret fund. Although he did not address the charges, one of the defendants quickly denounced the SEC for charging executives of a company outside U.S. borders. "I am disappointed that, after three years, the [SEC] has brought charges on the same day in respect of the same matter as the Ontario Securities Commission," said Dunn in a statement. "I think it would have been appropriate, under the circumstances, if the authorities in the United States had deferred to the Ontario Securities Commission in what is really a Canadian matter, and had acknowledged that the Canadian authorities are fully capable of addressing these important issues." However, the SEC insisted that it had jurisdiction since Nortel's stock trades on U.S. exchanges. "The action we take today sends a strong message that officers of U.S.-filing foreign corporations will be held to the same standards of accountability that are required of all participants in the U.S. financial markets," Thomsen said. Â
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Sharemarket watchdog the Securities Commission has filed unprecedented insider trading action against high-profile former owners and executives of Tranz Rail.
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Investigators looking into price manipulation in the natural gas industry charged five former traders Monday, and for the first time accused workers from different companies of colluding to move the market.
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An investment bank in Estonia, Lohmus Haavel & Viisemann, and a former worker agreed to pay $15 million to settle Securities and Exchange Commission allegations that they had made illegal trades based on information from stolen news releases. The former employee, Oliver Peek, will forfeit $13 million in profit and will pay a $1.35 million fine. The bank will pay a $650,000 penalty, the S.E.C. said. They neither admitted nor denied wrongdoing in agreeing to the sanctions. The S.E.C.âs lawsuit accused Lohmus Haavel, which is based in Tallinn, of using a computer program to retrieve information on more than 200 United States companies from Business Wireâs secure Web site before announcements were made public from January to November 2005.
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Federal officials investigating stock-options backdating at Broadcom Corp. are looking into allegations that former Chief Executive Henry Nicholas III used hard drugs and hired prostitutes, the Wall Street Journal reported on Friday.
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The Securities and Exchange Commission filed civil fraud charges against Phillip R. Bennett, former chief executive of the commodities broker Refco Inc.
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Apple Inc. CEO Steve Jobs has been subpoenaed by the U.S. Securities and Exchange Commission to give a deposition in a stock-options backdating case against Apple's former general counsel, a person familiar with the case told The Associated Press Thursday.
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The former chief executive of software maker Computer Associates International was charged yesterday with securities fraud in a multibillion-dollar accounting
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The U.S. Securities and Exchange Commission filed civil fraud charges against the former general counsel of Monster Worldwide Inc.  in a stock options backdating case, an agency official said on Thursday.
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NEW YORK, Feb. 15 -- A former senior vice president of the company that runs the Monster job-search Web site admitted in court Thursday that he illegally backdated millions of dollars in employee stock option grants.
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Faces fraud charges related to alleged backdating of stock options at the security specialist while it was known as Network Associates.
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The former chief executive and others were accused of committing accounting fraud to meet earnings forecasts and investor expectations.