A federal court has entered a final judgment against the former CFO of Q Comm International — now called Emida — for committing wire and accounting fraud.
The ex-CFO, Michael Openshaw, agreed without admitting or denying the allegations to be barred from serving as an officer or director of a publicly held company.
From September through December of 2004, Openshaw completed five unauthorized bank wires, transferring a total of $1.525 million to a Q Comm vendor, according to the Securities and Exchange Commission.
Openshaw allegedly wired these funds without approval and without disclosing the transfers to the other members of Q Comm’s management or its auditors, the SEC said.
He also was accused of concealing the transfers through improper accounting entries and by altering documents.
The SEC asserted that Openshaw’s acts caused Q Comm’s financial statements for 2004 and the first quarter of 2005 to be materially misleading and to deviate from generally accepted accounting principles.