The US Securities and Exchange Commission has settled charges against a
semi-conductor company and its CFO who were alleged to have been involved in a
fraudulent back-dating of stock options.
The SEC charged Integrated Silicon Solution and former finance executive Gary
Fischer with concealing millions of dollars in stock option compensation
As part of the alleged scheme used by the company, employees were provided
with lucrative opportunities for potentially attaining cash while about 60
grants were back-dated so as to avoid the reports to investors.
The CFO is to pay a total of $539,830 to the SEC for the civil penalty,
The company did not admit or deny the allegations but agreed to a permanent
injunction relating to committing securities fraud and violating internal
The SEC stressed that its acceptance of the settlement offer was due to the
company’s cooperation during the investigation.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.