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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COMPLAINT COATES SECURITIES ALLEGES EXCHANGE PECKSKAMP VIOLATIONS ACCOUNTING EXCHANGE COMMISSION INTERNAL ACCOUNTING CONTROLS EXCHANGE ACT FRAUD DISTRICT OFFICER BOOKS PROVISIONS FUTURE HEALTHCARE REVENUE MAKING FALSE AUDITORS REPORTING DRUGS CHIEF ENTRIES LOSSES FILING ENTRY FEDERAL SECURITIES LAWS PRACTICE |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Litigation Release No. 15460 / August 27, 1997
Accounting and Auditing Enforcement
Release No. 945 / August 27, 1997
SECURITIES AND EXCHANGE COMMISSION v. TIMOTHY ROSS, DOUGLAS COATES AND
JOHN
D. PECKSKAMP, JR. (C-1-97-770)
The Securities and Exchange Commission ("Commission") today filed
and
simultaneously settled a financial fraud action in the United States
District Court for the Southern District of Ohio against three former
senior officers of Future Healthcare, Inc., a Cincinnati company
previously
in the business of conducting clinical trials for new drugs used by
pharmaceutical companies in the drug approval process.
The complaint alleges that from 1992 through 1994 Timothy Ross,
Future
Healthcare's former president and chief financial officer,
fraudulently
overstated the company's revenues and earnings and concealed the fraud
by
creating counterfeit documents, making false entries to Future
Healthcare's
books and records and lying to the company's auditors. The complaint
further alleges that John D. Peckskamp, Jr., the company's former
chief
executive officer and chairman of the board of directors, knowingly
failed
to devise and maintain a system of internal accounting controls and
aided
and abetted the company's reporting and books and records violations.
The
complaint also alleges that Douglas Coates, the company's former
controller, made false accounting entries designed to conceal the
fraud.
In addition, it alleges that Ross and Coates each sold large blocks
of
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