BusinessCompany NewsSEC wins against recycling CFO

SEC wins against recycling CFO

A US court has permanently barred a former recycling CFO from acting as an officer of a public company

The US District Court for the Northern District of Illinois has permanently
barred James Koenig, a former chief financial officer (CFO) of
Waste
Management
, North America’s biggest recycler, after a jury found that he
breached 60 securities laws in a five-year period.

The judgment followed an 11-week jury trial in 2006 which resulted in a
verdict in Securities & Exchange
Commission
(SEC)’s favor against Koenig on all charges. Justice Wayne
Andersen ordered him to pay more than $US4m (?2m) in return for his ill-gotten
gains, prejudgement interest and civil penalties.

The commission alleged that, between 1992 and 1997, Koenig and others engaged
in a systematic scheme to falsify and misrepresent Waste Management’s financial
results, overstating profits by $US1.7bn.

According to SEC’s complaint, the scheme was accomplished through false and
misleading disclosures and a variety of non-GAAP accounting practices designed
to defer current period expenses whenever possible.

Further reading:

SEC helps investors compare top execs’ salaries

Accounting: Time to join us

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor