SEC charges ratings agency Morningstar for violating disclosure and internal controls provisions of the securities laws

ion today filed a civil action alleging that former credit ratings agency Morningstar Credit Ratings LLC  violated disclosure and internal controls provisions of the federal securities laws in rating commercial mortgage-backed securities (CMBS). Credit ratings are used by market participants to help evaluate credit risk, price certain securities, and guide the investment decisions of individuals […]

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SEC suspends and and charges two former KPMG auditors for improper conduct during audit of not for profit New Rochelle College

The Securities and Exchange Commission has suspended two former KPMG auditors from practicing before the SEC in connection with settled charges against the two for improper professional conduct during an audit of the , not-for-profit College of New Rochelle.  The SEC previously charged the college’s former controller with fraud in connection with the college’s fiscal […]

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numbers showing accounting fraud

Former CEO to Pay $2 Million Over Accounting Fraud Charges

Mark Frissora, the former CEO and chairman of Hertz, must repay nearly $2m to the popular United States car rental company to settle charges of filing inaccurate financial statements and disclosures. In response to his alleged actions, the Securities and Exchange Commission (SEC) charged Frissora with aiding and abetting Hertz in a series of accounting […]

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Accountant committing some type of accounting fraud.

Accounting Fraud and the SEC Whistleblower Program

The U.S. Securities and Exchange Commission (“SEC”) regulates the country’s stock and options markets. In order to prevent and detect fraud, the SEC relies on individuals to provide information about various types of financial misconduct. Those who provide information concerning financial fraud to the SEC are called whistleblowers. Under the SEC Whistleblower Program, the SEC […]

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U.S. Treasury report says lack of requirement to disclose company beneficial ownership the critical vulnerability in U.S. financial system

The U.S. Treasury has issued a new report which says that a lack of requirements to disclose a company’s beneficial ownership information is one of the most critical vulnerabilities in the U.S. financial system, the U.S. Treasury Department said in a new report. The Treasury’s Financial Crimes Enforcement Network, or FinCEN, in 2018 issued a […]

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SEC charges Iconix Brand Management Group and 3 former execs with accounting fraud creating fake revenue to meet analyst estimates

The Securities and Exchange Commission today charged brand-management company Iconix Brand Group Inc. and three of its former top executives with fraud. Iconix and two of its former executives have agreed to settle. The SEC’s litigation is proceeding against Iconix’s former CEO. The SEC’s complaint against former Iconix CEO Neil Cole and former Chief Operating Officer Seth Horowitz […]

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