Risk: Page 19
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geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Treasurer Steals to Pay for E-mail Scam
A former Michigan county treasurer was sentenced to nine to 14 years in prison for embezzling more than $1.2 million and then losing it to one of the ubiquitous Nigerian e-mail scams that plague the e-mail inboxes of U.S. companies.Thomas Katona, former treasurer of Alcona County, Mich., pleaded ...
By Stephen Taub • June 12, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Tangled Web for Ex-WellPoint CFO
A lawsuit reported by several media outlets may shed more light on how the former CFO of WellPoint Inc. may have violated the company’s code of conduct, which led the company to ask for his resignation last week.David Colby, who left the managed-care company last week, has been sued by a Californ...
By Stephen Taub • June 5, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Proxy Firm, Heal Thyself
Shanghai-based Xinhua Finance Ltd. and its Xinhua Finance Media subsidiary are adopting several corporate-governance initiatives in the wake of controversy surrounding its control of proxy-services company Glass, Lewis & Co.In a press release, XFL CEO Fredy Bush said the Chinese information a...
By Roy Harris • June 1, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
NEC Details Major Fraud
Officials at NEC Corp. said the company discovered that fraudulent transactions had been carried out by 10 employees taking part in a tax assessment during the seven-year period ending March 31, 2006. The Japanese company, which is already embroiled in a major accounting scandal, said that fraudu...
By Marie Leone • May 31, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
WellPoint to CFO: Quit for Bad Conduct
After allegedly violating WellPoint Inc.’s code of conduct, CFO David Colby was asked by management and the board to resign his post on Thursday. Colby agreed to resign.Concurrently, the managed-care company named Wayne DeVeydt CFO and executive vice president. DeVeydt had been the company’s chie...
By Marie Leone • May 31, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Proxy Firms Fire Back at Critics
The two top proxy advisory firms — embattled Glass, Lewis & Co. and industry leader Institutional Shareholder Services — sharply disputed press reports that cast doubt on client confidence in the quality of their services because of the companies’ new owners.Concerns about how clients are rea...
By Roy Harris • May 30, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Users May Put Proxy Firms under Glass
As more questions surface about the activities of the Shanghai-based company that bought proxy advisor and investor research firm Glass, Lewis & Co. this year, those who use such advisory firms are expressing concerns about the whole proxy-services business.Glass Lewis, owned by Xinhua Financ...
By Roy Harris • May 29, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Breeden Wins a Seat at Applebee’s Table
Score this one in favor of the dissidents. Shareholders of Applebee’s International elected Richard C. Breeden and his ally Laurence E. Harris, to the board of directors at the company’s annual meeting on May 25. They received more than 95 percent of the votes cast.The pair will each serve a thre...
By Stephen Taub • May 29, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
CFO Said to Engineer $1M Embezzlement
The longtime chief financial officer of a small Texas environmental-engineering firm has been charged with embezzling as much as $1 million.Dennis Lynn Weiss of San Antonio–based Raba-Kistner Consultants allegedly diverted funds for two to three years, reported the Associated Press. The scheme wa...
By Stephen Taub • May 18, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Pillow Talk Gone Wild?
The Securities and Exchange Commission has announced yet another case of insider trading that might well have begun as pillow talk.On Monday, the SEC filed charges against former Oracle vice president Christopher Balkenhol. According to the commission, Balkenhol learned about secret merger negoti...
By Dave Cook and Stephen Taub • May 14, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Former Siemens Finance Chief Convicted
Andreas Kley, a former finance chief for the power generation unit of German engineering giant Siemens, was found guilty of breach of trust and of bribing managers at Italian utility Enel, the Associated Pressreported. Former employee and consultant Horst Vigener was convicted of abetting bribery...
By Stephen Taub • May 14, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
SEC Charges Couple in Dow Jones Trades
The Securities and Exchange Commission has filed charges against a Hong Kong couple who allegedly engaged in illegal insider trading before the public announcement of Rupert Murdoch’s bid for Dow Jones.The complaint, filed in U.S. District Court for the Southern District of New York, maintains th...
By Laura DeMars • May 8, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Letting Investors Play the Proxy Game
The Securities and Exchange Commission plans to propose new rules, perhaps early this summer, to increase shareholder participation in the proxy process, according to chairman Christopher Cox. The new rules might be in place in time for the 2008 annual meeting season.An SEC spokesman said Cox mad...
By Roy Harris • May 8, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Insider Charges for Credit Suisse Banker
A Credit Suisse investment banker faces criminal charges of insider trading before nine merger transactions, including the blockbuster leveraged buyout of TXU.Hafiz Muhammad Zubair Naseem, a member of Credit Suisse’s Global Energy Group in New York, allegedly netted more than $7 million in procee...
By Dave Cook and Stephen Taub • May 4, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Beyond Backdating: Options Theft
Forget backdating.Outright “theft of stock options” was the allegation levied by the Securities and Exchange Commission against Vencent A. Donlan, a former stock-options administrator for Wireless Facilities Inc. The SEC alleges that Donlan defrauded the company by illegally issuing and transferr...
By Stephen Taub • May 4, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
College Loan, Officer?
Texas Southern University’s former CFO, Quintin Wiggins, was convicted Thursday of funneling almost $300,000 in public funds to the school’s former president so she could dress up her home.According to the Associated Press, Wiggins diverted $286,000 of university funds into secret accounts that e...
By Laura DeMars • May 3, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
I’ll Keep My Remarks Brief…
Who do corporate boards look to for help in understanding a company’s IT strategy? Very often the CFO, according to a new survey from Deloitte and Corporate Board Member magazine. But don’t spend too much time concocting PowerPoint slides that explain your IT infrastructure: the survey also found...
By Scott Leibs • May 2, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Board Battles
You could have cut the tension with a putty knife. As one shareholder group was squeezing Home Depot Inc.’s board to divest a major unit last winter, other investors tried to chip away at CEO Bob Nardelli’s $38 million pay package. Earlier this year, the shareholder turmoil cost Nardelli his job....
By Alix Stuart • May 1, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Amgen Hubby Didn’t Listen to His Wife
Gary K. Melton should have listened to his wife.Instead, Melton — who is married to Amgen’s vice president of strategic sourcing and procurement, Farryn Melton — finds himself settling insider-trading charges with the Securities and Exchange Commission.The commission alleged that in November 2005...
By Dave Cook and Stephen Taub • April 24, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Global Treasury Mismanagement
David F. Verhotz, once the senior vice president for global treasury management at KeyBank, will serve eight years in prison after pleading guilty to bank fraud, according to Gregory A. White, U.S. Attorney for the Northern District of Ohio.U.S. District Judge John R. Adams sentenced Verhotz to 9...
By Stephen Taub • April 20, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Paper Fires Entire Accounting Department
The Chicago Defender, a venerable weekly newspaper, has fired its entire accounting department after discovering a fraudulent payroll scheme, according to Editor & Publisher.The four-person accounting staff was reportedly terminated for issuing and cashing checks made out to two former newsro...
By Stephen Taub and Dave Cook • April 18, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Icahn, Motorola Headed for a Showdown
Carl Icahn is turning up the heat on Motorola. The billionaire corporate raider cum hedge fund activist asserted in a letter sent to shareholders on Friday that he was disappointed that the company did not add him to the board of directors. He wrote that the appointment would have allowed Motorol...
By Stephen Taub • April 16, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Dow Fires Two Execs amid Buyout Rumors
Dow Chemical announced that it fired senior advisor Pedro Reinhard, a board member and former chief financial officer, and Romeo Kreinberg, an executive vice president, after determining that they were “involved in unauthorized discussions with third parties about the potential acquisition of the...
By Stephen Taub and Dave Cook • April 12, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Scrushy to Be GPS-enabled
Richard Scrushy must wear a monitoring device when traveling outside his home area, a federal judge has ruled.The founder and former chief executive officer of HealthSouth, who was acquitted in 2005 on all counts in connection with the company’s massive accounting fraud, was convicted last summer...
By Stephen Taub and Dave Cook • April 10, 2007 -
geralt. "Financial Crisis Stock Exchange Tendency" [Illustration]. Retrieved from Pixabay.
Former Endocare Execs Indicted
A federal grand jury has indicted two former executives of medical-device company Endocare, chairman and CEO Paul W. Mikus and CFO and COO John V. Cracchiolo, for an alleged fraud that cost investors at least $200 million.According to the U.S. Attorney’s Office for the Central District of Califor...
By Dave Cook • April 10, 2007
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