SEC v KERRY KIRBY - Legal Case Documents


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SEC v KERRY KIRBY

Keywords & Phrases

CaseNo: 34-47440, Defendant: Kerry Kirby, Plaintiff: SEC, UniqueCaseRef: SEC>34-47440, Truserv, Accounting, Merchandise, Kirby, Report, Adjustments, Exchange Act, Internal Controls, Inventory, Receiver, Commission, Stock Adjustments, Accounting Staff, Accruals, Amount, Violations, Securities, Pursuant, Cost, Books, Open Receiver File, Cease-and-desist Proceedings, Misstatements, Management, Goods Sold, Assets, Warehouse, Inaccurate, Returned Merchandise, Stock Adjustment Codes , ContentID: 120255848

Case Documents

2003-03-04

SEC ADMINISTRATIVE PROCEEDING
[ see first page and extracted highlights below ] ItemID: 133138

7 pages
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Total Documents: 1 document , 7 pages

Price: $ 19.95

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1 . SEC ADMINISTRATIVE PROCEEDING

EXTRACTED KEY WORDS

ACCOUNTING
MERCHANDISE
KIRBY
REPORT
ADJUSTMENTS
EXCHANGE ACT
INTERNAL CONTROLS
INVENTORY
RECEIVER
COMMISSION
STOCK ADJUSTMENTS
ACCOUNTING STAFF
ACCRUALS
AMOUNT
VIOLATIONS
SECURITIES
PURSUANT
COST
BOOKS
OPEN RECEIVER FILE
CEASE-AND-DESIST PROCEEDINGS
MISSTATEMENTS
MANAGEMENT
GOODS SOLD
ASSETS
WAREHOUSE
INACCURATE
RETURNED MERCHANDISE
STOCK ADJUSTMENT CODES

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 47440 / March 4, 2003

   ACCOUNTING AND AUDITING ENFORCEMENT
   RELEASE NO. 1728 / March 4, 2003

   ADMINISTRATIVE PROCEEDING
   FILE NO. 3-11053
     _________________________________________________________________



   KERRY KIRBY,

   Respondent.


     _________________________________________________________________

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

                                     I.

   The Securities and Exchange Commission ("Commission") deems it
   appropriate that public cease-and-desist proceedings be, and hereby
   are, instituted pursuant to Section 21C of the Securities Exchange Act
   of 1934 (the "Exchange Act") against Kerry Kirby ("Kirby" or
   "Respondent").

                                    II.

   In anticipation of the institution of these proceedings, Kirby 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 contained herein, except as to the Commission's
   jurisdiction over him and over the subject matter of these
   proceedings, Kirby consents to entry of this Order Instituting
   Cease-and-Desist Proceedings, Making Findings and Imposing
   Cease-and-Desist Order Pursuant to Section 21C of the Securities
   Exchange Act of 1934 ("Order") as set forth below.

SNIPPETS:

SECURITIES AND EXCHANGE COMMISSION

MAKING FINDINGS AND IMPOSING CEASE-AND-DESIST ORDER PURSUANT TO SECTION 21C OF THE SECURITIES

The Securities and Exchange Commission deems it appropriate that public cease-and-desist

TruServ, a Delaware corporation, is a hardware store buying cooperative headquartered in

This matter involves financial misstatements by TruServ as a result of its inadequate

From approximately July 1997 through the end of 1999, TruServ's accounting systems and

On March 31, 2000, TruServ reported a loss of more than $131 million for fiscal year 1999,

As a result, from 1997 through the end of 1999, TruServ filed with the Commission annual and

The year-end adjustments resulted primarily from deficiencies and weaknesses in the

8.As TruServ closed its accounting records for 1999, TruServ's accounting staff reviewed the

The Open Receiver File reflects merchandise that TruServ had ordered and received but for