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SEC COMMISSION OPINION
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EXTRACTED KEY WORDS
EXCHANGE ACT ASSETS COMMISSION VIOLATIONS AUDITOR AAC SECURITIES EXCHANGE ACT PROCEEDING LAW ACCOUNTING PROFESSIONS STANDARDS FINANCIAL STATEMENTS LICENSE OPINION AUDITING STANDARDS RUSSELL PONCE PROTOTYPE COSTS TOOLING COSTS PENETRATOR FEDERAL SECURITIES PROVISIONS ACCEPTED AUDITING STANDARDS GAAP UNITED STATES AUDITING ENFORCEMENT ANNUAL REPORT AAC OWED PONCE FAS |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934
Rel. No. 43235 / August 31, 2000
ACCOUNTING AND AUDITING ENFORCEMENT
Rel. No. 1297 / August 31, 2000
Admin. Proc. File No. 3-8944
_________________________________________
In the Matter of
RUSSELL PONCE
_________________________________________
OPINION OF THE COMMISSION
CEASE-AND-DESIST PROCEEDING
Grounds for Remedial Action
Violations of Antifraud, Reporting, and Recordkeeping Provisions
RULE 102(e) PROCEEDING
Grounds for Remedial Action
Improper Professional Conduct
Violations and Aiding and Abetting of Violations of Federal Securities
Laws
Auditor assisted company that materially overstated its assets and
understated its losses. Auditor thereby violated, and caused
violations of, antifraud provisions and caused and aided and abetted
reporting and recordkeeping violations. Auditor also failed to comply
with Generally Accepted Auditing Standards. Held, it is in the public
interest to bar auditor from practice before the Commission with a
right to reapply after five years and to order that auditor cease and
desist from violating or causing any violations or future violations
of Sections 10(b), 13(a), and 13(b)(2) of the Securities Exchange Act
of 1934 and Rules 10b-5, 12b-20, 13a-1, and 13a-13 thereunder.
SNIPPETS:
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