Corporate Finance Accounting
An SEC investigation found that a minority-owned joint venture of the Belgium- based company used third-party sales promoters from 2009 to 2012 to make improper payments to officials in India to boost sales and production in that country, the agency said in a statement. The SEC said AB InBev violated the accounting provisions of U.S. foreign bribery laws by...
NEW YORK, Sept 29- The New York judge weighing whether ex-AIG chief Maurice "Hank" Greenberg should be liable for accounting fraud on Thursday pressed the 91- year-old executive about why AIG had created an offshore entity for losses from a failed automotive warranty program. Greenberg was on the stand for the third day for allegedly engineering the offshore...
An SEC investigation found that a minority-owned joint venture of the Belgium- based company used third-party sales promoters from 2009 to 2012 to make improper payments to officials in India to boost sales and production in that country, the agency said in a statement. The SEC said Anheuser-Busch violated the accounting provisions of U.S. foreign bribery...
Two former Weatherford senior accounting executives also agreed to settle charges that they were behind the scheme, which inflated the company's earnings more than $900 million over that period, the SEC said. Weatherford fraudulently lowered the year-end sum set aside for income taxes each year by $100 million to $154 million to "better align its earnings...
Two Weatherford senior accounting executives at the time also agreed to settle charges that they were behind the scheme, which inflated the company's earnings by over $900 million between 2007 and 2012, the SEC said. Weatherford fraudulently lowered the year-end sum it set aside for income taxes each year by $100 million to $154 million so that it "could...
Two Weatherford senior accounting executives at the time also agreed to settle charges that they were behind the scheme, the SEC said. Weatherford fraudulently lowered the year-end sum it set aside for income taxes each year by $100 million to $154 million so that it "could better align its earnings results with its earlier-announced projections and...
Sept 27- Oil services company Weatherford International LLC has agreed to a $140 million penalty to settle charges it inflated its earnings by using deceptive income tax accounting, the U.S. Securities and Exchange Commission said on Tuesday. Two Weatherford senior accounting executives at the time also agreed to settle charges that they were behind the...
WASHINGTON, Sept 27- Oil services company Weatherford International Plc agreed to pay a $140 million penalty to settle charges that it inflated earnings by using deceptive income tax accounting, the U.S. Securities and Exchange Commission said on Tuesday.
"We are fully complying with the SEC request for information and are confident our financial reporting meets all legal and accounting requirements," Exxon spokesman Alan Jeffers said. The SEC inquiry mirrors one started last year by New York Attorney General Eric Schneiderman, whom Exxon has accused of overreaching in a politically driven push against...
The SEC did not confirm or deny any ongoing investigation. The SEC inquiry mirrors one started last year by New York Attorney General Eric Schneiderman, whom Exxon has criticized for overreaching in a politically driven push against fossil fuel companies. Historically, investigations by New York's attorney general have prodded the SEC to act, including a...
Irving, Texas- based Exxon Mobil Corp. said, "We are fully complying with the SEC request for information and are confident our financial reporting meets all legal and accounting requirements." The SEC declined to comment. The Journal said that the SEC has been receiving documents that Exxon provided to the New York attorney general and that the SEC asked in...
Sept 20- Nu Skin Enterprises Inc said it had reached an agreement with the Securities and Exchange Commission to settle a probe into the skincare products maker's charitable contribution in China in 2013.. Nu Skin said it agreed to pay $765,688 to the SEC after the agency found the company's books and internal controls related to the donation were...
Sept 20- The U.S. Securities and Exchange Commission is investigating how Exxon Mobil Corp has valued its reserves in the wake of low oil prices and potential curbs on carbon emissions, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The SEC did not confirm or deny any ongoing investigation. The SEC inquiry mirrors one started...
Sept 20- The U.S. Securities and Exchange Commission is investigating how Exxon Mobil Corp has valued its assets in the wake of plunge in oil prices, the Wall Street Journal reported, citing people familiar with the matter. The news follows reports last week that New York Attorney General Eric Schneiderman was investigating the company's accounting practices.
Sept 20- The U.S. Securities and Exchange is investigating Exxon Mobil Corp on climate change and accounting practices, CNBC tweeted, citing Dow Jones. The regulator is also exploring how the company valued its assets in the wake of the oil price crash, according to the tweet. The news follows reports last week that the New York Attorney General Eric Schneiderman...
CNBC's Sue Herera reports that the SEC is investigating Exxon Mobil on climate change and accounting practices, according to Dow Jones.
The accounting firm will pay a fine of $9.3-million to settle charges that two former auditors got 'too close' to clients.
Accounting firm Ernst & Young will pay $9.3 million to settle charges that two of its former auditors got "too close to clients on a personal level."
The agency said the two former Ernst& Young partners also settled SEC charges that they lacked independence when auditing the clients' companies. Another partner and a client's chief accounting officer also settled SEC charges that they engaged in unprofessional conduct. All agreed to penalties and suspensions from doing any accounting work relating to...
Three former Ernst& Young partners and a client's former chief accounting officer also settled SEC charges, agreeing to various penalties and suspensions, the agency said. SEC investigations found that Gregory Bednar, a former senior partner on the audit team for a New York- based public company, had "maintained an improperly close friendship" with its chief...
