Infomercial retailer accused of accounting fraud
Retailer of skin-tightening wand accused of falsely recognising revenue
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