The Securities and Exchange
Commission has put the profession on notice as it continues to pursue
individuals connected with the collapse of Refco.
The SEC filed a suit at the US District Court in New York yesterday against
Joseph P. Collins, a partner at the law firm of Mayer Brown, claiming that he
substantially assisted Refco and its corporate successor, Refco Inc as they
failed to disclose hundreds of millions of dollars in debt and related
‘Financial and disclosure frauds are often possible only if an attorney, an
accountant, or some other outside professional assists,’ said Linda Chatman
Thomsen, director of the SEC’s division of enforcement. ‘The commission relies
on these professionals to act as gatekeepers to our markets. We will
aggressively pursue individuals who ignore their professional obligations and
instead assist in their clients’ violation of the federal securities laws.’
Refco, a leading New York-based financial services and commodities brokerage
firm, collapsed in 2005.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements