SEC Names James Schnurr As Chief Accountant
The Securities and Exchange Commission today announced it has named James Schnurr as its chief accountant. Mr. Schnurr will begin his new post in October. He will replace Paul A. Beswick, who joined the SEC staff in September 2007 and has served as its chief accountant since 2012. The SEC’s Office of the Chief Accountant is responsible for establishing and enforcing accounting and auditing policy as well as improving the professional performance of public company auditors. The office works to enhance the transparency and relevancy of financial reporting and ensure that financial statements are presented fairly and have credibility. “Jim’s…
Read MoreCalifornia-Based Telecommunications Equipment Firm and Two Former Executives Charged in Revenue Recognition Scheme
The Securities and Exchange Commission today announced charges against a Newport Beach, Calif.-based telecommunications equipment company and two former executives accused of improperly recognizing as revenue more than a million dollars’ worth of inventory that was shipped to a Florida warehouse but not actually sold. They’re also accused of defrauding an investor from whom they secured a $2 million loan for the company based on misstatements and omissions associated with the inventory shipments. The SEC’s Enforcement Division alleges that AirTouch Communications Inc., former president and CEO Hideyuki Kanakubo, and former CFO Jerome Kaiser orchestrated a fraudulent revenue recognition scheme that…
Read MoreBank of America Admits Disclosure Failures to Settle SEC Charges
The Securities and Exchange Commission today announced a settlement in which Bank of America admits that it failed to inform investors during the financial crisis about known uncertainties to future income from its exposure to repurchase claims on mortgage loans. Bank of America also is resolving securities fraud charges that the SEC filed last year related to a residential mortgage-backed securities (RMBS) offering. Bank of America has agreed to settle the two cases by paying $245 million as part of a major global settlement announced today by the U.S. Department of Justice in which Bank of America will pay $16.65…
Read MoreChief Information Officer Thomas Bayer to Leave SEC
The Securities and Exchange Commission today announced that its Chief Information Officer Thomas Bayer is planning to leave the agency in October. Mr. Bayer has led the SEC’s Office of Information Technology (OIT) since October 2010, overseeing strategy, application development, infrastructure operations and engineering, user support, program management, capital planning, information security, and enterprise architecture. Under Mr. Bayer’s leadership, the SEC leveraged cloud-based technologies, enhanced security, standardized its enterprise platforms and dramatically reduced the cost of IT systems while enhancing free public access to the SEC’s more than 21 million corporate filings and other documents. “Tom’s leadership and vision have…
Read MoreSEC Announces Municipal Advisor Exam Initiative
The Securities and Exchange Commission today announced that its Office of Compliance Inspections and Examinations (OCIE) is launching an examination initiative directed at newly regulated municipal advisors. SEC rules that took effect on July 1 generally require municipal advisors to register with the SEC through the SEC’s EDGAR system under the final registration process during a four-month phase-in period by October 31. The examinations are designed to establish a presence with the newly regulated municipal advisors. Over the next two years, OCIE plans to examine a significant percentage of these advisors using an approach that focuses on identified risks. Areas…
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