Here's something you might be interested in.
The Securities and Exchange Commission today (Sept. 4) charged software firm Retail Pro, formerly Island Pacific, with an accounting fraud similar to the kinds that Peregrine pulled. The SEC charged that the company improperly recorded and reported $3.9 million in revenue from a sham sale to an Australian company. According to the SEC, the sale had no economic substance or business purpose other than the artificial inflation of Pacific's revenues. Also charged were Barry Schechter, former chief executive officer, and Ran Furman, former chief financial officer. Schechter dumped $488,410 of stock following the sham sale, says the SEC. The company and Schechter agreed to be enjoined from future securities violations.
The Securities and Exchange Commission today (Sept. 4) charged software firm Retail Pro, formerly Island Pacific, with an accounting fraud similar to the kinds that Peregrine pulled. The SEC charged that the company improperly recorded and reported $3.9 million in revenue from a sham sale to an Australian company. According to the SEC, the sale had no economic substance or business purpose other than the artificial inflation of Pacific's revenues. Also charged were Barry Schechter, former chief executive officer, and Ran Furman, former chief financial officer. Schechter dumped $488,410 of stock following the sham sale, says the SEC. The company and Schechter agreed to be enjoined from future securities violations.