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SEC v JILL PITTS and JANET HANSON Click to find out why . . .



Keywords & Phrases
CaseNo: 34-42569, Defendant: Jill Pitts and Janet Hanson, Plaintiff: SEC, State: OR Oregon, UniqueCaseRef: SEC>34-42569, Abs, Sales, Accounting, Exchange Act, Pitts, Hanson, Bill, Chief Accounting Officer, Commission, Subsidiaries, Controller, Customers, Violation, Promulgated Thereunder, Pursuant, Invoices, Securities, Findings, Net Income, Respondents, Instituting, Settlement, Manager, Reports, Cease, Cease-and-desist Proceedings, Inventory, Financial Statements, Scheme, Earnings , ContentID: 120244308

Case Documents
1 2000-03-23 SEC ADMINISTRATIVE PROCEEDING
[ see first page and extracted highlights below  ] ItemID: 111042
6 pages
HTML
Total Documents: 1 document , 6 pages
Price: $ 19.95


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1 . SEC ADMINISTRATIVE PROCEEDING

EXTRACTED KEY WORDS
SALES
ACCOUNTING
EXCHANGE ACT
PITTS
HANSON
BILL
CHIEF ACCOUNTING OFFICER
COMMISSION
SUBSIDIARIES
CONTROLLER
CUSTOMERS
VIOLATION
PROMULGATED THEREUNDER
PURSUANT
INVOICES
SECURITIES
FINDINGS
NET INCOME
RESPONDENTS
INSTITUTING
SETTLEMENT
MANAGER
REPORTS
CEASE
CEASE-AND-DESIST PROCEEDINGS
INVENTORY
FINANCIAL STATEMENTS
SCHEME
EARNINGS
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

   SECURITIES EXCHANGE ACT OF 1934
   Release No. 42569 / March 23, 2000

   ACCOUNTING AND AUDITING ENFORCEMENT
   Release No. 1240 / March 23, 2000

   ADMINISTRATIVE PROCEEDING
   File No. 3-10166
     _________________________________________________________________

   In the Matter of

   Jill Pitts and Janet Hanson

   Respondents.
     _________________________________________________________________


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

   I.

   The Securities and Exchange Commission (Commission) deems it
   appropriate that cease-and-desist proceedings be instituted pursuant
   to Section 21C of the Securities Exchange Act of 1934 (Exchange Act)
   against Jill Pitts (Pitts) and Janet Hanson (Hanson).

   In anticipation of the institution of these cease-and-desist
   proceedings, Pitts and Hanson have each submitted an Offer of
   Settlement 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 to which the Commission is a party,
   and without admitting or denying the Commission's findings, except as
   to jurisdiction and those findings contained in paragraph II.A. below,
   which are admitted by Hanson, and the findings contained in paragraph
   II.B. below, which are admitted by Pitts, Pitts and Hanson consent to
   the entry of this Order Instituting Cease-and-Desist Proceedings
   Pursuant to Section 21C of the Securities Exchange Act of 1934, Making
SNIPPETS:
  • SECURITIES AND EXCHANGE COMMISSION
  • ACCOUNTING AND AUDITING ENFORCEMENT
  • Jill Pitts and Janet Hanson
  • ORDER INSTITUTING CEASE AND-DESIST PROCEEDINGS TO PURSUANT TO SECTION 21C OF THE SECURITIES
  • The Securities and Exchange Commission deems it appropriate that cease-and-desist proceedings
  • In anticipation of the institution of these cease-and-desist proceedings, Pitts and Hanson
  • From 1979 to in or about June 1996, Hanson was employed as an inventory clerk and production
  • At all relevant times, ABS, a Delaware company with its corporate headquarters in Willoughby,
  • Thus, pursuant to Section 13of the Exchange Act and the rules and regulations promulgated
  • These periodic reports contained ABS' consolidated financial statements, which were derived
  • Beginning in at least fiscal year 1994 through at least the first three quarters of fiscal
  • They engaged in a scheme to record sales from purported "bill and hold" transactions where,
  • As a result, ABS made material misrepresentations and omitted to state material facts in its
  • E. In furtherance of the scheme, among other things, at the 1994 fiscal year end in October
  • Pitts first attempted to record these sales by creating four large invoices for each customer
  • Pitts and Hanson cease and desist from committing or causing any violation and any future
  •    |