Reading my posts is bound to be faster than reading the legal pages, even though they're not usually very long. Plus, it's a way for me to keep up on enforcement actions.
Date: September 21, 2011
Who: Larry Crawford, CPA
What he did: Failed to disclose relationship between Escala (sub) and parent company, and represented sale of stamps as being based on objective third-party prices when it was actually determined by a related third party controlled by the former Escala CEO.
Punishment: 3 year suspension on practicing before the Commission, and under $43,495 disgorgement
$21,089.75 interest
$100,000 civil fine
$164,584 total
Perhaps it's worthwhile to note that for five years, Crawford was the CFO and Executive VP of Escala, and before that he has CFO positions extending back to 1987. Additionally, what's Crawford doing now? He's CFO at Arkados Group, a company that makes semiconductors. So I guess the $164K is a minor sting for someone who's probably a multimillionaire. I guess price-fixing pays off.
Securities and Exchange Commission v. Escala Group, Inc., et al.
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