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Sarbanes-Oxley News & Developments
Shoe maker - Candies - Settles With SEC After Accounting ProbeCandies Inc. has reached a settlement to end an investigation by governmemt regulators into company accounting.
> > A lawsuit filed by the SEC had accused CEO, Neil Cole and other Candies executives of using fraudulent accounting practices to inflate the company revenue.
In a separate but related suit, the SEC accused three former Candies executives of providing false information to auditors in 1999 when auditors grew suspicious of company transactions. The fraud took place from 1997 to 1999.
Candies General Counsel, Deborah Sorell Stehr said -The companys settlement recognizes both our prompt remediation and full cooperation with the commissions staff and will enable Candies to put this investigation behind us.-
Settlement was reached on Wednesday, April 30, 2003 to end investigation by government regulators in Candies Inc. accounting practices. As part of the settlement, Candies Inc. must make a formal agreement that will not violate the governments Depression-era anti-fraud laws which are routine in SEC settlements. The settlement included a $75,000 fine for Candies CEO Neil Cole.
Source: The Nando Times article - dated April 30, 2003
Published:2003-05-01
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