Archive for: January, 2012

Innovative Practices Key, As KPMG Is Short-listed for Seven Industry Awards

KPMG has been recognised for its efforts to protect businesses, build innovative programmes to improve organisational stability and help London gear up for the Olympics. Recognition has come in the shape of being short-listed for 7 of the 2012 MCA Awards and highlights KPMG’s ability to cut through complexity for its clients. Commenting on the [...]

Declining Job Figures Pose Long Term Risk to Performance

With the high street continuing to suffer in the wake of lukewarm consumer confidence, it’s no surprise to see the job market continuing to contract, said a Partner and Head of Business Services at KPMG. For a long time, though, temporary job placements have offered some form of salvation, so it’s alarming to see these [...]

Financial Fraud Busted

The Securities and Exchange Commission announced four enforcement actions arising from an alleged financial fraud spanning several years at a British subsidiary of the NYSE-listed Symmetry Medical, Inc. First, the Commission announced today that it has filed and, subject to Court approval, simultaneously settled charges against Richard J. Senior, Matthew Bell, Lynne Norman and Shaun [...]

US District Court Ruled Vs Integrity Financial AZ

The U.S. District Court for the Northern District of Ohio entered a final judgment against Robert C. Koeller in a Commission injunctive action, United States Securities and Exchange Commission v. Integrity Financial AZ, LLC, Steven R. Long, Stanley M. Paulic, Walter W. Knitter, and Robert C. Koeller, Civil Action No. 10-CV-782 (SO) (N.D. Ohio filed [...]

SEC Suspends Trading of Onyx Service & Solutions

The Securities and Exchange Commission announced the temporary suspension of trading in the securities of Onyx Service & Solutions, Inc. of Greenwood Village, CO commencing at 9:30 a.m. on January 27, 2012, and terminating at 11:59 p.m. on February 9, 2012. The Commission temporarily suspended trading in the securities of ONYX because of questions that [...]

SEC Raps Latvian Trader

The Securities and Exchange Commission charged a trader in Latvia for conducting a widespread online account intrusion scheme in which he manipulated the prices of more than 100 NYSE and Nasdaq securities and caused more than $2 million in harm to customers of U.S. brokerage firms. The SEC also instituted related administrative proceedings today against [...]

SEC Suspends Trading of Issuers

The U.S. Securities and Exchange Commission has temporarily suspended the trading in the securities of several issuers, commencing at 9:30 a.m. EST on January 25, 2012 and terminating at 11:59 p.m. EST on February 7, 2012. The issuers include Tornado Gold International Corp. (TOGI), Twin Faces East Entertainment Corp. (TFAC), Universal Ice Blast, Inc. (UIBT), [...]

SEC Sues Robert Chiu for Fraudulent Revenue Recognition Scheme

SEC Sues Robert Chiu for Fraudulent Revenue Recognition Scheme

The Securities and Exchange Commission filed settled charges against Robert Chiu for aiding and abetting the fraudulent revenue recognition scheme at Syntax-Brillian Corporation, a developer of high-definition LCD televisions. The Commission has previously obtained permanent injunctions against defendants James Li, Roger Kao, Christopher Liu, and Wayne Pratt, and collected total disgorgement of $88,000, prejudgment interest [...]

SEC Obtains Settlements with CEO and CFO to Clawback Bonuses Under Sarbanes-Oxley Section 304

SEC Obtains Settlements with CEO and CFO to Clawback Bonuses Under Sarbanes-Oxley Section 304

The Securities and Exchange Commission charged four former senior executives and accountants at the British subsidiary of an Indiana-based manufacturer of medical devices and aerospace products for their roles in an accounting fraud that was so pervasive that it distorted the financial statements of the parent company. The SEC also reached settlements with the company’s [...]

Call for 2012 IIA Award Nominations

The Institute of Internal Auditors is asking for nominations for its three highest and most prestigious awards. All three awards recognize individuals who have made outstanding achievements in the field of internal auditing: BRADFORD CADMUS MEMORIAL AWARD For contributions to the global profession of internal auditing VICTOR Z. BRINK AWARD FOR DISTINGUISHED SERVICE For contributions [...]

SEC Charges Boiler Room Operators in Florida-Based Penny Stock Manipulation Scheme

SEC Charges Boiler Room Operators in Florida-Based Penny Stock Manipulation Scheme

The United States Securities and Exchange Commission (Commission) has taken a civil action against First Resource Group LLC and its principal David H. Stern alleging that they fraudulently touted stock in two thinly-traded microcap companies, sold each company’s stock at the same time they were touting it, and manipulated the markets in both penny stocks [...]

Judgments Entered Against Arthur and Gloria Lin

Judgments Entered Against Arthur and Gloria Lin

U.S. District Judge Ruben Castillo entered judgments against Arthur Lin and his wife, Relief Defendant Gloria Lin. The SEC’s complaint, filed in the U.S. District Court for the Northern District of Illinois, alleges that from at least September 2006 through at least January 2009, Defendants Marcin Malarz, Jacek Sienkiewicz, and Lin raised at least $14,380,000 [...]

SEC Obtains Final Judgments on Consent Against Several Individuals

SEC Obtains Final Judgments on Consent Against Several Individuals

Honorable Jed S. Rakoff, United States District Judge, United States District Court for the Southern District of New York, entered a Final Judgment on Consent as to Noah Freeman on December 23, 2011, and entered Final Judgments on Consent as to Bob Nguyen, Samir Barai and Barai Capital Management on January 23, 2012, in the [...]

Boom Time for Fraudsters As “austerity Bites”

Boom Time for Fraudsters As “austerity Bites”

The total amount of fraud in 2011 topped £3.5 billion – a record year – according to KPMG’s Fraud Barometer, as Britons across the country continue to struggle with tough economic conditions. £2.5 billion worth of fraud was recorded during the second half of the year – including five large fraud cases of more than [...]

‘Companies Ready to Deploy Cash in 2012′

‘Companies Ready to Deploy Cash in 2012′

Nearly half (41 percent) of companies plan to deploy cash reserves in the new year, according to a recent Deloitte poll of business professionals from a cross section of industries. Respondents also suggest that their companies are likely to execute acquisitions (28.2 percent), increase capital budgets (20.6 percent), repurchase shares (11.8 percent) or issue one-time [...]

Ernst & Young Estimates a Fiscal Surplus of HK$53 Billion – HK$58 Billion for 2011/12

The financial results for the eight months ended 30 November 2011 released by the government showed a surplus of HK$21.2 billion. This is the second highest level of budget surplus for the first 8 months achieved in the past 10 years. In the last 4 months of a fiscal year, the government would, on average, [...]

Deloitte Consumer Spending Index Ends 2011 on a Low Note; 2012 Outlook Suggests Contraction in Incomes, Future Spending

Despite small improvements in three out of four components, the Deloitte Consumer Spending Index (Index) dipped slightly in December due to a decline in housing prices. The Index tracks consumer cash flow as an indicator of future consumer spending. “Initial unemployment claims continued to decline in December, while real wages benefited from a decrease in [...]

Deloitte-Übermind Creates IPad Application for Showtime Anytime

Deloitte-Übermind Creates IPad Application for Showtime Anytime

Deloitte-Übermind (www.ubermind.com) has worked with Showtime Networks to create an iPad application for the network’s authentication service Showtime Anytime. An app for the iPhone will be available in the upcoming weeks. “This new iPad app provides a convenient, user-friendly extension of the Showtime Anytime desktop experience,” says Deloitte | Übermind principal Shehryar Khan. “This app [...]

80% of Global CEOs Concerned with Uncertain Economic Growth

The survey results, based on interviews with 1,258 CEOs, were released at the World Economic Forum annual meeting in Davos. Unsurprisingly, the biggest decline in confidence was in Western Europe. Beset by the sovereign debt crisis, just over a quarter of European CEOs said they were very confident of revenue growth, down sharply from nearly [...]

Entrepreneurial Businesses Spearhead Irish Economic Recovery

Ireland must remain optimistic but realistic in terms of its economic future. Our island is facing many economic challenges, however we must believe that better days lie ahead, confident in the knowledge that we have the valuable human resources that will empower us to drive change and support the economic recovery – our entrepreneurs. These [...]