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SEC v BETH A. MORRIS and STEVEN H. GRANT Click to find out why . . .



Keywords & Phrases
CaseNo: 34-42587, Defendant: Beth A. Morris and Steven H. Grant, Plaintiff: SEC, State: OR Oregon, UniqueCaseRef: SEC>34-42587, Grant, Morris, Exchange Act, Transaction, Revenues, Commission, Securities Exchange Act, Accounting, Respondents Morris, Proceeding, Bill, Financial Statements, Letter Agreement, Mfs, Proceedings Pursuant, Anticipation, Cease-and-desist Order, Violations, Senior Management, Ldds, Misleading, Revenue Recognition, Nec, Verbal Purchase Orders, Commitment, Verbal Pos, Transnetworks, Connection, Tcg, Digital Salesperson , ContentID: 120244306

Case Documents
1 2000-03-29 SEC ADMINISTRATIVE PROCEEDING
[ see first page and extracted highlights below  ] ItemID: 111040
12 pages
HTML
Total Documents: 1 document , 12 pages
Price: $ 19.95


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1 . SEC ADMINISTRATIVE PROCEEDING

EXTRACTED KEY WORDS
MORRIS
EXCHANGE ACT
TRANSACTION
REVENUES
COMMISSION
SECURITIES EXCHANGE ACT
ACCOUNTING
RESPONDENTS MORRIS
PROCEEDING
BILL
FINANCIAL STATEMENTS
LETTER AGREEMENT
MFS
PROCEEDINGS PURSUANT
ANTICIPATION
CEASE-AND-DESIST ORDER
VIOLATIONS
SENIOR MANAGEMENT
LDDS
MISLEADING
REVENUE RECOGNITION
NEC
VERBAL PURCHASE ORDERS
COMMITMENT
VERBAL POS
TRANSNETWORKS
CONNECTION
TCG
DIGITAL SALESPERSON
UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION

   SECURITIES EXCHANGE ACT OF 1934
   Release No. 42587 / March 29, 2000

   ACCOUNTING AND AUDITING ENFORCEMENT
   Release No. 1243 / March 29, 2000

   ADMINISTRATIVE PROCEEDING
   File No. 3-10168

   I.
     _________________________________________________________________

   In the Matter of

   BETH A. MORRIS
   and STEVEN H. GRANT

     Respondents.
     _________________________________________________________________

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

   The Securities and Exchange Commission ("Commission") deems it
   appropriate to institute public cease-and-desist proceedings pursuant
   to Section 21C of the Securities Exchange Act of 1934 ("Exchange Act")
   against Respondents Beth A. Morris ("Morris") and Steven H. Grant
   ("Grant").

   II.

   In anticipation of the institution of these proceedings, Respondents
   Morris and Grant submitted Offers of Settlement ("Offers") to the
   Commission, which the Commission has determined to accept. Solely for
   the purpose of this proceeding and any other proceeding brought by or
   on behalf of the Commission, or in which the Commission is a party,
   and without admitting or denying the findings contained herein, except
   as to the jurisdiction of the Commission over Respondents Morris and
SNIPPETS:
  • SECURITIES AND EXCHANGE COMMISSION
  • ORDER INSTITUTING PUBLIC CEASE-AND-DESIST PROCEEDINGS PURSUANT TO SECTION 21C OF THE
  • The Securities and Exchange Commission deems it appropriate to institute public
  • In anticipation of the institution of these proceedings, Respondents Morris and Grant
  • Solely for the purpose of this proceeding and any other proceeding brought by or on behalf of nd-desist order set forth below.
  • This matter involves materially misstated financial statements and other misleading
  • Digital's principal accounting officers for the respective quarters were Morris and Grant.
  • Digital's filings with the Commission materially overstated its revenues and accounts
  • In connection with these transactions, Morris and Grant also caused Digital to fail to make
  • On June 30, 1997, the last day of the quarter, Digital improperly recorded revenues of $1.5
  • This was Digital's first bill and hold transaction and represented approximately 28.4% of the
  • The MFS transaction and the terms and conditions contained in the July 3, 1997 letter
  • These units were in fact not shipped to Ameritech because Digital never received a commitment
  • The TCG transaction was recorded as revenue totaling $315,750 and was also improperly
  • Two of the TCG units were shipped directly to a Digital salesperson, who was informed a few
  • She was aware however, at the time she prepared the financial statements, that units had been
  • Morris was not aware that the U.S. West units were shipped as demonstration units because
  • The LDDS WorldCom, MFS and Transnetworks Bill and Hold Transactions
  • The Advantis and NEC America Verbal Purchase Orders
  • Morris did not seek any guidance from the auditors with regard to recording revenues solely
  • Violations of Section 13of the Exchange Act and Rules 12b-20,
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