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Sarbanes-Oxley News & Developments

2005-08-30

Eight Execs Charged in KPMG Probe

Federal prosecutors alleged that eight former executives of the audit firm, as well as an outside lawyer, with conspiring to defraud the IRS.

2005-08-26

Ex-CFO of HealthSouth Gets Three Months

Aaron Beam, who co-founded the company with Richard Scrushy, will begin serving his sentence in November after selling his home to pay a forfeiture and fine totaling $285,000.

2005-08-25

No Poaching from KPMG, Say Audit Firms

Deloitte & Touche, Ernst & Young, and PricewaterhouseCoopers will observe a hands-off policy regarding clients of KPMG while it resolves federal litigation problems.

2005-08-25

PwC to Pay $18M in Telxon Settlement

The subsidiary of Symbol Technologies also stands to benefit if the auditor settles with class-action plaintiffs.

2005-08-25

AOL Settles Spitzer Probe for $1.25M

Parent company Time Warner had previously settled charges by the SEC and the Department of Justice that it overstated Internet subscribers and Internet advertising revenue.

2005-08-23

SEC Sues Former Kmart CEO, CFO

The SEC alleges Charles C. Conaway and John T. McDonald are responsible for 'materially false and misleading disclosure about the liquidity and related matters of the company,'.

2005-08-23

SEC Charges Ex-Execs of Bristol-Myers

At the direction of a former CFO and a former division president, the company improperly recognized revenue from $1.5 billion of sales to two wholesalers, according to the commission.

2005-08-19

SEC Weighs More Time for More Companies

Committee would give an additional year for small businesses to comply with Section 404 of Sarbanes-Oxley; it also recommends widening the definition of 'small company.'

2005-08-19

JPMorgan-Enron Settlement: $1 Billion

The investment bank agrees to pay up $350 million and boost that total by dropping claims against the failed energy giant.

2005-08-19

SEC Could Sue Goodyear, Ex-Finance Execs

The company and its former CFO and chief accounting officer get Wells Notices tied to a restatement stemming from an ERP implementation and errors in intercompany billing systems.

2005-08-12

Sullivan Gets Five Years

Former chief financial officer at Worldcom was the 'key factor' in the case against Bernard Ebbers, says the sentencing judge, without whom Ebbers 'likely could not have been indicted, much less convicted.'

2005-08-11

Former WorldCom Controller Sentenced

David Myers was the first executive to plead guilty for his role in the fraud at the company.

2005-08-09

Fund-Fraud Charges for Former Citi Execs

The SEC maintains that Citigroup took most of the benefit of a discount for itself rather than passing it on to mutual-fund shareholders.

2005-08-09

Four More Insurance Execs Plead Guilty

Fourteen insurance-industry executives have pleaded guilty to criminal charges since last fall. The most recent group includes managers from Marsh and Zurich.

2005-08-09

Ex-WorldCom Accountant Gets Prison Time

Pressed to say how she chose which entries to change, Betty Vinson reportedly testified, "I just really pulled some out of the air. I used some spreadsheets."

2005-08-03

Ex-KPMG Execs Could Face Crime Charges

Although federal prosecutors recommended earlier this year that the firm itself be criminally charged, senior Justice Department officials worried that another Arthur Andersen-style collapse could ensue.

2005-08-01

Cox, Sarbox, and FAS 123R

'The door is wide open to the handling of implementation issues' by the new chairman of the SEC.


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The View from the Other Side
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Capital Markets Report Urges 404 Fixes
A panel says changes in the way Sarbanes-Oxley has been applied will improve the competitiveness of the U.S. capital markets.

Wal-Mart Whistleblower Drops Lawsuit
Former executive still has a whistleblower case pending before the Labor Department.

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