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☆ NY Republican leaders and lawmakers call on GOP Rep. George Santos to resign over campaign lies
▼ + stars: | 2023-01-11 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Summer-Concepcion-Byline-Jm.Jpg | Summer Concepcion | ) www.nbcnews.com time to read: +8 min

“George Santos’ campaign last year was a campaign of deceit, lies and fabrication,” Nassau County GOP Chairman Joe Cairo said at a news conference with other party officials. But House Speaker Kevin McCarthy, R-Calif., said that Cairo’s call for Santos’ resignation doesn’t affect his thinking on the issue. The New York State Conservative party said it stands with the Nassau County GOP in calling for Santos’ resignation in a statement. It will work itself out in the end.”Nassau County GOP officials initially endorsed Santos in the 2022 election cycle. Wednesday's announcement from Nassau County officials also comes amid several investigations into Santos' campaign and other calls for him to resign.

☆ Read the full text of Sam Bankman-Fried's planned testimony, which a congressional panelist called 'absolutely insulting'
▼ + stars: | 2022-12-15 | by ( Matthew Loh | ) www.businessinsider.com time to read: +2 min

FTX founder Sam Bankman-Fried was arrested before he could testify about his exchange's collapse. He did prepare a testimony, which a member of the House Financial Services Committee called "absolutely insulting." It wasn't read out in full at the hearing, but congressional leaders had a copy of the draft on hand. Bankman-Fried's spokesperson, Mark Botnick, told Insider he had no comment on the planned testimony. Copies of the planned testimony were first obtained by Forbes and Bloomberg.

FTX attorney James Bromley told Dorsey that the Bahamian government has previously obtained information from FTX Digital Market's liquidators and used it to siphon digital assets away from FTX. The Securities Commission of the Bahamas (SCB) has previously disputed FTX's "misstatements" about the Bahamian government's response to FTX's collapse. Chris Shore, an attorney for the Bahamas-based liquidators, told Dorsey that the liquidators were not working at the direction of the Bahamian government. Dorsey began the hearing by asking whether FTX and the Bahamas liquidators could reach a compromise on data sharing before Bromley shot that suggestion down. "Unlike the Chapter 11 process, there is no transparency in the process in the Bahamas," Ray said.

☆ Carillion Liquidators Say KPMG Missed Red Flags in Audits of Defunct Construction Firm
▼ + stars: | 2022-11-28 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +4 min

Big Four firm KPMG LLP missed multiple red flags when it audited the financial statements of Carillion PLC, the liquidators of the defunct construction and outsourcing firm said. KPMG received £29 million from Carillion without qualifying its audit opinions over the course of 19 years, according to the liquidators. The construction company’s liquidators also reject KPMG’s argument that the value of the construction contracts was concealed. The Carillion liquidators will rely at trial on findings from the FRC’s investigation, the filings show. If there is no settlement between the liquidators and the audit firm, the case against KPMG could go to trial in or around 2024.

☆ A former Facebook security chief told Elon Musk on Twitter to stop firing engineers for correcting Musk's 'clear misstatements'
▼ + stars: | 2022-11-16 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +2 min

A former Facebook executive weighed in on Elon Musk's tumultuous new ownership of Twitter. Stamos advised Musk on Twitter to stop firing engineers for "correcting your clear misstatements." Musk has publicly fired some workers who have taken to Twitter to dispute claims he has made about the company. The firings have been praised by many of Musk's Twitter followers, but it has also attracted some detractors, including Facebook's former chief security officer Alex Stamos. On Tuesday, Stamos offered advice on Twitter about how to fix Twitter's lag time, finishing his thread by writing, "stop firing best engineers for correcting your clear misstatements."

☆ Yoga-Streaming Company Gaia to Settle SEC Probe
▼ + stars: | 2022-11-10 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

Gaia, a member-supported media network with videos on yoga and alternative healing, among other topics, disclosed the settlement with the securities regulator in its latest SEC quarterly report filed this week. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. Gaia said it first received a request to voluntarily produce documents in relation to an SEC investigation in June 2020. The company said it was later subpoenaed by the SEC and it has responded to the agency’s requests. Gaia said there is no guarantee that the settlement, which was reached in principle in September, will be finalized and approved by both sides.

☆ Dentsply Sirona Finds Improper Accounting for Incentives, Plans to Restate Earnings
▼ + stars: | 2022-11-01 | by ( Mark Maurer | ) www.wsj.com time to read: +7 min

The company said it overstated net sales and net income for the nine-month period ended Sept. 30, 2021 by $35 million and $27 million, respectively. Dentsply also said it overstated its net sales and net income for the 2021 fiscal year by $20 million and $10 million, respectively. It also booked a combined $108 million in related net sales during those quarters. As a result, Dentsply overstated net sales in the third quarter of 2021 by roughly $4 million, which should have been recorded the following quarter. A re-evaluation of controls and procedures identified one or more material weaknesses in the company’s internal controls over financial reporting.

☆ Mattel to Pay $3.5 Million to Settle SEC Allegations Over Misstatements
▼ + stars: | 2022-10-21 | by ( Mark Maurer | ) www.wsj.com time to read: +3 min

The Securities and Exchange Commission said Mattel Inc. agreed to pay $3.5 million to settle claims over misstatements the toy maker made in its 2017 financial statements. Mr. Abrahams, the lead auditor on the PwC account at the time of the alleged misstatements, failed to verify the uncorrected $109 million error was documented even though he knew about it, the SEC said. Mr. Abrahams worked at PwC from 2004 until 2019, when he resigned. Mattel didn’t admit to or deny the SEC’s claims when it agreed to pay the fine. Mr. Abrahams and Mr. Euteneuer didn’t immediately respond to requests for comment.

☆ Toymaker Mattel agrees to pay $3.5 million SEC fine for misstatements in 2017 earnings
▼ + stars: | 2022-10-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Toymaker Mattel has agreed to pay a $3.5 million fine to settle charges related to misstatements in two quarters of earnings in 2017, the Securities and Exchange Commission announced Friday. The SEC said Mattel "violated numerous professional standards" by understating its tax-related valuation for the third quarter of 2017 by $109 million. Mattel's $109 million tax expense error went uncorrected until its November 2019 restatement. The SEC said Mattel did not admit or deny the findings of its probe. While we're not going to comment on the underlying facts, we appreciate the SEC's recognition of the company's remedial measures," a Mattel company spokesperson said Friday.

☆ Toymaker Mattel agrees to pay $3.5 million to settle SEC charges
▼ + stars: | 2022-10-21 | by ( Chris Prentice | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 21 (Reuters) - California-based Toymaker Mattel Inc (MAT.O) has agreed to pay $3.5 million to settle U.S. Securities and Exchange Commission (SEC) charges over financial misstatements in 2017, the agency said on Friday. Mattel, which makes Barbie and Fisher-Price toys, incorrectly reported its losses during the third and fourth quarters of 2017 due to tax reporting errors, the SEC said. The issue went uncorrected until November 2019 and the lack of internal control for financial reporting related to the error remained undisclosed. A spokesperson for Mattel, which did not admit or deny the SEC's findings, said the firm is pleased to have the matter behind it. He further failed to maintain auditor independence by advising Mattel's then-chief financial officer about who should be selected for a senior position at the company.

☆ New Guidelines Could Signal Tougher Approach From Foreign Investment Review Body
▼ + stars: | 2022-10-20 | by ( Richard Vanderford | ) www.wsj.com time to read: +3 min

The enforcement guidelines issued Thursday are a first for the Committee on Foreign Investment in the U.S., or Cfius, which previously had no written guidelines on the topic. The new guidelines provide more specifics on how Cfius might use that enforcement power and came with a caution for businesses. The guidelines said Cfius would also look at the harm the conduct caused and whether it was negligent or deliberate. In deciding on penalties, Cfius would take into account violators’ compliance resources—legal counsel, consultants, auditors and monitors—as well as its compliance culture. The Foreign Investment Risk Review Modernization Act, passed in 2018 with an eye on China, gave Cfius more resources and a broader purview.

"Investors in U.S. markets should be protected — and have trust in a company's financial numbers — regardless of whether an issuer is foreign or domestic." The SEC's enforcement action underscores the need for the Public Company Accounting Oversight Board (PCAOB) to be able to inspect Chinese audit firms, Gensler said. PCAOB inspections help identify weaknesses in firms' quality control processes, which were at the center of the SEC enforcement action against Deloitte-China. read moreDeloitte self-reported the violations at its China affiliate to the PCAOB in 2019 upon learning of them, an SEC official said. Register now for FREE unlimited access to Reuters.com RegisterReporting by John McCrank; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Explainer: What New York’s lawsuit means for Trump
▼ + stars: | 2022-09-22 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsExplainer: What New York’s lawsuit means for TrumpPostedFormer U.S. President Donald Trump, three of his adult children and his family company were sued on Wednesday for what New York state's attorney general called a decade of fraudulent misstatements of the values of real estate properties to secure favorable loans and tax benefits. Emma Jehle has more.

☆ Explainer: Trump was sued by New York's attorney general. What legal woes does he face?
▼ + stars: | 2022-09-21 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +6 min

NEW YORK ATTORNEY GENERAL CIVIL SUITNew York Attorney General Letitia James said her office uncovered more than 200 examples of misleading asset valuations by Trump and the Trump Organization between 2011 and 2021. James accused Trump of inflating his net worth by billions of dollars to satisfy loan terms and get better insurance coverage. NEW YORK CRIMINAL PROBEThe Trump Organization is set to go on trial on Oct. 24 on New York state criminal tax fraud charges. read moreAlvin Bragg, the Manhattan district attorney, has also been investigating whether Trump misled lenders and others about asset valuations. Legal experts said Trump may have violated at least three Georgia criminal election laws: conspiracy to commit election fraud, criminal solicitation to commit election fraud and intentional interference with performance of election duties.

☆ Big business likes to trumpet ESG credentials. But a 'greenwashing' reckoning could be on the horizon
▼ + stars: | 2022-09-21 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +8 min

Many of these claims are now viewed through the prism of ESG, or environmental, social and governance. But here's the rub: Definitions of ESG often vary and are hard to pin down. Over in the United States, scrutiny of claims about sustainability and ESG is also taking place. When contacted by CNBC, Vale — which has an "ESG Portal" on its website — referred to a statement issued on April 28. The debate surrounding greenwashing is becoming increasingly fierce, with the charge often leveled at multinational companies with vast resources and significant carbon footprints.

☆ Trumpworld theorizes that Mar-a-Lago special master's involvement in previously botched FBI case makes him the best bet to help out the embattled former president
▼ + stars: | 2022-09-19 | by ( Warren Rojas | ) www.businessinsider.com time to read: +2 min

Trumpworld suspects Raymond Dearie may be skeptical of FBI operations after experiencing a bad one. Dearie was one of the judges who signed off on surveillance of Trump campaign aide Carter Page. Dearie's role as special master in the Mar-a-Lago case doesn't involve reviewing the FBI's conduct. Sign up for our newsletter to receive our top stories based on your reading preferences — delivered daily to your inbox. Trump and his allies will soon learn whether Dearie is on the same page as they are.

☆ Letitia James vs. Donald J. Trump: What is New York's attorney general about to do to Trump and his company?
▼ + stars: | 2022-09-10 | by ( Laura Italiano | ) www.businessinsider.com time to read: +11 min

NY AG Letitia James is about to sue Donald Trump and his real estate and golf resort business. Whatever James has up her sleeve after three long years of investigating the Trump Organization, it is now about to be revealed. A: James will sue the Trump Organization and Trump himself, the company's sole owner and beneficiary. Morian predicted James' lawsuit will closely mirror the allegations in a 115-page memorandum she filed in January. A: The New York-incorporated Trump Organization is an umbrella for some 500 other entities, many of them Delaware-registered LLCs.

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