Infomercial retailer accused of accounting fraud
10 Aug 2010, Accountancy Age, AccountancyAge
http://www.accountancyage.com/aa/news/1808038/infomercial-retailer-accused-accounting-fraud
The man behind a miracle skin-tightening wand has been accused of fraudulently docking millions in revenue before his products left the shelves.
Karl Redekopp, former CFO of International Commercial Television Inc, has been accused of recording revenue before the Derma Wands, which promised to make “skin look more toned and tight”, were delivered or sold, WebCPA reports.
The US Securities and Exchange Commission (SEC) accused Redekopp, of Vancouver, B.C, of adjusting net sales by more than $3.7m (£2.35m) between 2007 and 2008 and wants to bar him from becoming an officer or director of a public company.
Further reading:
Derma Wand Marketer Accused of Phony Accounting
SEC Charges Seattle-Area Company and Former CFO With Phony Accounting of Infomercial Sales
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Visitor comments
Lack of editorial review of this article
A quick read of this article reveals numerous spelling and grammatical errors. Does nobody at Accountancy Age proof-read articles before they are published?
Posted by: Anonymous , 10 Aug 2010 | 00:00