Monday, January 30, 2012

SEC Charges Executives and Accountants With Financial Fraud

The Securities and Exchange Commission (SEC) charges former executives and accountants of an American medical device company's British subsidiary with fraud.

The SEC alleges that Richard J. Senior (vice president for European operations), Matthew Bell (finance director), Lynne Norman (controller), and Shaun P. Whiteley (management accountant) planned, directed and carried out a fraudulent scheme at Symmetry Medical Incorporated's subsidiary, Thornton Precision Components (TPC). TPC is based in Sheffield, England. 

The SEC's press release describes a fraudulent scheme that occurred over a three-year period and involved the 'systematic understatement of expenses and overstatement of assets and revenues' at TPC; thereby materially distorting Symmetry’s financial statements.

According to the SEC, the upshot of this alleged fraud was the over payment of executive bonuses and selling of stock at fraudulently inflated prices.

The following link will take you to the SEC's press release.

SEC Charges Former Executives and Accountants With Fraud at British Subsidiary of Medical Devices Company.

Related information: .

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