SEC v BONNIE K. METZ - Legal Case Documents


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SEC v BONNIE K. METZ

Keywords & Phrases

CaseNo: 34-43361, Defendant: Bonnie K. Metz, Plaintiff: SEC, UniqueCaseRef: SEC>34-43361, Metz, Craig, Exchange Act, Inventory, Accounting, Commission, Proceeding, Violation, Goods, Sales, Bank, Books, Pursuant, Falsify, Securities Exchange Act, Credit, Reports, Bills, Instituting, Public Cease-and-desist Proceeding, Accounting System, Lading, Bonnie, Findings, Hereby, Settlement, Knowing, Water, False Bills, Controls , ContentID: 120244220

Case Documents

2000-09-27

SEC ADMINISTRATIVE PROCEEDING
[ see first page and extracted highlights below ] ItemID: 110954

5 pages
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Total Documents: 1 document , 5 pages

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1 . SEC ADMINISTRATIVE PROCEEDING

EXTRACTED KEY WORDS

CRAIG
EXCHANGE ACT
INVENTORY
ACCOUNTING
COMMISSION
PROCEEDING
VIOLATION
GOODS
SALES
BANK
BOOKS
PURSUANT
FALSIFY
SECURITIES EXCHANGE ACT
CREDIT
REPORTS
BILLS
INSTITUTING
PUBLIC CEASE-AND-DESIST PROCEEDING
ACCOUNTING SYSTEM
LADING
BONNIE
FINDINGS
HEREBY
SETTLEMENT
KNOWING
WATER
FALSE BILLS
CONTROLS

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

   SECURITIES EXCHANGE ACT OF 1934
   Release No. 43361 / September 27, 2000

   ACCOUNTING AND AUDITING ENFORCEMENT
   Release No. 1317 / September 27, 2000

   ADMINISTRATIVE PROCEEDING
   File No. 3-10316
   In the Matter of

   BONNIE K. METZ,

   Respondent.
   ORDER INSTITUTING A PUBLIC CEASE-AND-DESIST PROCEEDING PURSUANT TO
   SECTION 21C OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS,
   AND IMPOSING A CEASE-AND-DESIST ORDER

   I.

   The Securities and Exchange Commission ("Commission") deems it
   appropriate that a public cease-and-desist proceeding be and hereby is
   instituted pursuant to Section 21C of the Securities Exchange Act of
   1934 ("Exchange Act") against Respondent Bonnie K. Metz ("Metz").

   II.

   In anticipation of the institution of this proceeding, Metz has
   submitted an Offer of Settlement ("Offer"), which the Commission has
   determined to accept. Solely for the purpose of this proceeding and
   any other proceedings brought by or on behalf of the Commission or to
   which the Commission is a party, and without admitting or denying the
   findings contained herein, except that Metz admits the jurisdiction of
   the Commission over her and over the subject matter of this
   proceeding, Metz consents to the entry of this Order Instituting a
   Public Cease-and-Desist Proceeding Pursuant to Section 21C of the
   Securities Exchange Act of 1934, Making Findings, and Imposing a
   Cease-and-Desist Order ("Order") as set forth below.

   Accordingly, IT IS HEREBY ORDERED that a proceeding pursuant to
   Section 21C of the Exchange Act be, and hereby is, instituted.

   III.

   On the basis of this Order and the Offer of Settlement submitted by

SNIPPETS:

ORDER INSTITUTING A PUBLIC CEASE-AND-DESIST PROCEEDING PURSUANT TO SECTION 21C OF THE

The Securities and Exchange Commission deems it appropriate that a public cease-and-desist

In anticipation of the institution of this proceeding, Metz has submitted an Offer of

Solely for the purpose of this proceeding and any other proceedings brought by or on behalf dings, and Imposing a Cease-and-Desist Order as set forth below.

Accordingly, IT IS HEREBY ORDERED that a proceeding pursuant to Section 21C of the Exchange

Craig Consumer Electronics, Inc. was incorporated in Delaware in 1989.

Its business was highly seasonal with a majority of its sales occurring in the third and

Craig relied principally on a line of credit from a bank; the line of credit was secured by

For example, the credit agreement permitted Craig to borrow against only a percentage of its

the items falsely reported to the bank were also falsely recorded in Craig's books and

Craig's internal accounting system would not permit a customer to be invoiced for sales of