Or something like that. Guest 28 put it out there that Sue Sachdeva was flipping those designer threads to fellow employees for low low prices.
On the one hand, maybe the two employees on leave that worked for Suze were the bargain shoppers. On the other, how hard up for extra money was this woman? Maybe she just wore it out once with the tags on and said “I don’t love it”? Can anyone in the Milwaukee area that hasn’t already gone to happy hour confirm this? Get on the horn.
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When Booking Bogus Revenue, Ideally Your CFO Is the Type to Not Give a Rat’s Ass
James Li and David Chow used to run a shop called Syntax-Brillian Company as the CEO and Chief Procurement Officer respectively. They sold high-def, LCD TVs under the Olevia brand in China. Problem was, they didn’t really sell TVs under the Olevia brand in China. According to the SEC:
[F]rom at least June 2006 through April 2008, Li and Chow engaged in a complex scheme to overstate Syntax’s financial results by publicly reporting significant sales of LCD televisions in China, when in fact the vast majority of these sales never occurred. Li and Chow initially concealed the scheme through the use of fake shipping and sales documents.
Of course, they couldn’t do it alone. They needed a CFO. A CFO who would backdate things when asked and ignore obvious signs of bogus revenue. That man was Wayne Pratt who, from the sounds of it, wasn’t too concerned about ANYTHING:
The SEC alleges that Wayne Pratt, Syntax’s Chief Financial Officer, ignored red flags of improper revenue recognition and participated in preparing backdated documentation that was provided to Syntax’s auditors to support fictitious fiscal 2006 year-end sales. Pratt also ignored indications of impaired assets, agency sales, and potential collectability issues.
So, budding criminals, get on the look out for a guy/gal who is accustomed to shrugging their shoulders and responding “Meh. Whatever.” to your demands. Should work out well for you.
Litigation Release [SEC]
Complaint [SEC]
Proof That an Accountant Can Love Golf Too Much
Golf is probably the furthest thing from most of your minds right now because a) it’s somewhere between 0 and 20 degrees Fahrenheit outside or b) you hate golf. For the latter, you can continue reading in so you may engage in laughing and pointing. For the former, despite it being the offseason in most parts of this fair land, a report from the Manchester Evening News should cause you to temper down your love for a good walk nice spin in a cart spoiled.
A golf fanatic accountant who stole thousands from his employers and then funnelled it into his ailing club has been jailed. David Beech, 59, showed a ‘bizarre misplaced sense of loyalty’, when he siphoned over £70,000 from his bosses into struggling Oldham Golf Club, where he was treasurer.
But Beech, of Holly Grove, Chadderton, was rumbled when a company auditor went through the books. He pleaded guilty straight away and repaid £51,262 of the cash back although £19,300 was still unaccounted for, Sheffield Crown Court heard. At court it also emerged he received an 18-month suspended sentence 23 years ago for stealing from another employer. Defending, Robert Smith said Beech had demonstrated a “bizarre, strange, misplaced sense of loyalty” to the golf club. “It had a negative impact on the club in that they were under a false impression as to their own finances,” he said
Typical reaction of the members:
The SEC Doesn’t Care if ‘The Numbers Don’t Work’
Try to control yourselves, the SEC continues to kick some ass. The Commission has charged Terex Corporation of Westport, CT with accounting fraud:
Check out the details, after the jump
The Securities and Exchange Commission today charged Terex Corporation, a Westport, Conn.-based heavy equipment manufacturer, with accounting fraud for making material misstatements in its own financial reports to investors, as well as aiding and abetting a fraudulent accounting scheme at United Rentals, Inc. (URI), another Connecticut-based public company.
The Commission had previously charged URI executives with fraud back in September when the company paid $14 mil to settle with M. Schape and the gang. Terex is settling for $8 mil.
The complaint alleges that both companies engaged in some shady revenue recognition which enabled them to meet earnings forecasts. It also states that from 2000 to 2004, accountants at Terex couldn’t figure out some of their inter-company transactions so they just decided to RAM some journal entries in there to make it work.
We understand that. Every once in awhile it’s 1 am-ish and you’re looking at a bunch of numbers that are getting blurry and you say “F THIS“. Entry gets made. Done.
Problem is, the SEC doesn’t like that.
SEC Charges Terex Corporation With Accounting Fraud [SEC.gov]