United States of America
before the
Securities and Exchange Commission
Securities Exchange Act of 1934
Release No. 48537 / September 25, 2003
Accounting and Auditing Enforcement
Release No. 1870 / September 25, 2003
Administrative Proceeding
File No. 3-11268
_________________________________________________________________
In the Matter of
Stephen Scott Lowber, CPA,
Respondent.
_________________________________________________________________
ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO RULE 102(e)
OF THE COMMISSION'S RULES OF PRACTICE, MAKING FINDINGS, AND IMPOSING
REMEDIAL SANCTIONS
I.
The Securities and Exchange Commission ("Commission") deems it
appropriate and in the public interest that public administrative
proceedings be, and hereby are, instituted against Stephen Scott
Lowber ("Lowber" or "Respondent") pursuant to Rule 102(e)(3)(i) of the
Commission's Rules of Practice.
II.
In anticipation of the institution of these proceedings, Respondent
has submitted an Offer of Settlement (the "Offer") which the
Commission has determined to accept. Solely for the purpose of these
proceedings 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 herein, except as to the
Commission's jurisdiction over him and the subject matter of these
proceedings, and the findings contained in Section III.3 below, which
are admitted, Respondent consents to the entry of this Order
Instituting Administrative Proceedings Pursuant to Rule 102(e) of the
Commission's Rules of Practice, Making Findings, and Imposing Remedial
Sanctions ("Order"), as set forth below.
SNIPPETS:
Securities and Exchange Commission
Stephen Scott Lowber, CPA,
ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO RULE 102
OF THE COMMISSION'S RULES OF PRACTICE, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS
The Securities and Exchange Commission deems it appropriate and in the public interest that
Solely for the purpose of these proceedings and any other proceedings brought by or on behalf
sion's Rules of Practice, Making Findings, and Imposing Remedial Sanctions, as set forth below.
Lowber, age 52, is a certified public accountant who has been licensed to practice in the
He is currently a certificate holder but not actively licensed in the State of Washington.
He served as Chief Financial Officer of Cutter & Buck Inc. from 1997 until August 2002.
The Company's common stock is registered with the Commission pursuant to Section 12of the
On August 29, 2003, the court entered an order permanently enjoining Lowber, by consent, from
Lowber was also ordered to pay a $50,000 civil money penalty and prohibited from serving as
The Commission's complaint alleged, among other things, that Lowber engaged in actions that
The Complaint alleged that, at the end of the 2000 fiscal year, Cutter shipped $5.7 million
the Commission deems it appropriate and in the public interest to impose the sanction agreed
permanently enjoined by any court of competent jurisdiction, by reason of his or her
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