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Sarbanes-Oxley News & Developments
New Charges for Ex-Quest WorkersMore than 20 former employees/executives of Quest could face civil charges by U.S.securities regulators.
> > The new probe focuses of two issues: the alleged purchase of low-stock from suppliers by Quest executives and alledged secret side aggreements by the sales staff of the company to circumvent accounting rules.
Quest is already inder federal investigation by the SEC and the U.S.Justice Department for its accounting practices in 2000 and 2001.
The probe by the SEC and Department of Justice investigators appears to be the first time the U.S.government will go after alledged abuse of the so-called - friends and family - allocations of stock.
Source: CNN Money article dated May 1, 2003
Published:2003-05-02
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