SEC settles with former Andersen partner
The US regulator has settled with Sunbeam's former chief accountant and its auditor, following the completion of its fraud investigation into the appliance maker.
As Andersen partner, Philip Harlow engaged in the Sunbeam audit for the financial years 1996 and 1997. He has been barred from practising as an accountant for a public company.
Former Sunbeam chief accounting officer, Robert Gluck, and its former vice president of sales, Donald Uzzi, were each banned for violation of securities laws and paid a civil penalty of $100,000.
Harlow, Gluck and Uzzi settled charges brought against them by SEC without admitting or denying wrongdoing.
The Securities and Exchange Commission has alleged that Sunbeam booked inappropriate accounting reserves to boost income and inflated its revenue by booking future sales into earlier periods.