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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
COMMISSION ACCOUNTANT PRACTICE FUNDING CORPORATIONS AUDITS REINSTATEMENT FINANCIAL STATEMENTS HEALTHCARE PROVIDERS PURSUANT RECEIVABLES LOANS UNDERTAKE ADMINISTRATIVE PROCEEDING LESLIE CPA RESPONDENT TOWERS BOND AUDIT REPORTS SUSPENSION ORDER AUDITING ENFORCEMENT MATTER OFFERINGS PURCHASE GAAP FAILURE ACCORDANCE GAAS REPRESENTATIONS |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 43071 / July 26, 2000
ACCOUNTING AND AUDITING ENFORCEMENT
Release No. 1289 / July 26, 2000
ADMINISTRATIVE PROCEEDING File No. 3-9594
_________________________________________________________________
In the Matter of
Leslie A. Danish, CPA
Respondent.
_________________________________________________________________
ORDER GRANTING APPLICATION
FOR REINSTATEMENT TO APPEAR AND
PRACTICE AS AN ACCOUNTANT
On April 30, 1998, Leslie A. Danish, CPA ("Danish") was denied the
privilege of appearing or practicing before the Commission as an
accountant as a result of settled public administrative proceedings
instituted by the Commission against Danish pursuant to Rule
102(e)(1)(ii) of the Commission's Rules of Practice. This order is
issued in response to his application for reinstatement to appear and
practice before the Commission as an accountant.
Towers Financial Corp. ("Towers") formed Towers Healthcare Receivables
Funding Corporations I through V (the "Funding Corporations") in July
1990 to raise funds through private bond offerings to institutional
investors. The proceeds from the offerings were to be used for the
purchase of accounts receivable from Towers, which, in turn, was to
acquire accounts receivable from healthcare providers. The financial
statements of the Funding Corporations for the year ended June 30,
1992 reported $300 million of purchased healthcare receivables as
assets, which served as collateral for the bonds as required by the
bond indentures. The fiscal 1992 financial statements of the Funding
Corporations departed from GAAP as a result of the failure to properly
account for disbursements to certain healthcare providers as loans to
such providers and the failure to provide an allowance for
uncollectible amounts on such loans.
Danish, as the engagement partner on the fiscal 1992 audits, was
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