SEC v GLEN ANDREW FOLCK RELEASE NO. 34-47404; AAER 1721


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Keywords & Phrases

CaseNo: 33-8196, Defendant: Glen Andrew Folck Release No. 34-47404; AAER 1721, Plaintiff: SEC, UniqueCaseRef: SEC>33-8196, Folck, Exchange Act, Securities Act, Smartalk, Restructuring Reserve, Commission, Operating Expenses, Accounting, Costs, Respondent, Financial Statements, Year-end, Instituting Proceedings Pursuant, Amounts, United States, Anticipation, Net Income, One-time Charges, Glen Andrew Folck, Making Findings, Contract Termination, Materially False, Misleading Financial Statements, Annual Report, Management, Prepaid Expenses, Order Instituting Proceedings, Cease-and-desist Order, Eitf , ContentID: 120255857

Case Documents

2003-02-26

SEC ADMINISTRATIVE PROCEEDING
[ see first page and extracted highlights below ] ItemID: 133147

14 pages
HTML

Total Documents: 1 document , 14 pages

Price: $ 19.95

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1 . SEC ADMINISTRATIVE PROCEEDING

EXTRACTED KEY WORDS

EXCHANGE ACT
SECURITIES ACT
SMARTALK
RESTRUCTURING RESERVE
COMMISSION
OPERATING EXPENSES
ACCOUNTING
COSTS
RESPONDENT
FINANCIAL STATEMENTS
YEAR-END
INSTITUTING PROCEEDINGS PURSUANT
AMOUNTS
UNITED STATES
ANTICIPATION
NET INCOME
ONE-TIME CHARGES
GLEN ANDREW FOLCK
MAKING FINDINGS
CONTRACT TERMINATION
MATERIALLY FALSE
MISLEADING FINANCIAL STATEMENTS
ANNUAL REPORT
MANAGEMENT
PREPAID EXPENSES
ORDER INSTITUTING PROCEEDINGS
CEASE-AND-DESIST ORDER
EITF
INVENTORY WRITE-DOWNS

United States of America
before the
Securities and Exchange Commission

Securities Act Of 1933
Release No. 8196 / February 26, 2003

Securities Exchange Act of 1934
Release No. 47404 / February 26, 2003

Accounting and Auditing Enforcement
Release No. 1721 / February 26, 2003

Administrative Proceeding
File No. 3-11046
     _________________________________________________________________

   In the Matter of

   GLEN ANDREW FOLCK,

   Respondent.
     _________________________________________________________________

   ORDER INSTITUTING PROCEEDINGS PURSUANT TO SECTION 8A OF THE SECURITIES
   ACT OF 1933 AND SECTION 21C OF THE SECURITIES EXCHANGE ACT OF 1934,
   MAKING FINDINGS AND IMPOSING A CEASE-AND-DESIST ORDER

I.

   The Securities and Exchange Commission ("Commission") deems it
   appropriate that cease-and-desist proceedings be, and hereby are,
   instituted pursuant to Section 8A of the Securities Act of 1933
   ("Securities Act") and Section 21C of the Securities Exchange Act of
   1934 ("Exchange Act") against Glen Andrew Folck ("Folck" or
   "Respondent").

II.

   In anticipation of the institution of these proceedings, Respondent
   has submitted an Offer of Settlement ("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,
   Respondent consents to the entry of this Order Instituting Proceedings
   Pursuant to Section 8A of the Securities Act of 1933 and Section 21C

SNIPPETS:

ORDER INSTITUTING PROCEEDINGS PURSUANT TO SECTION 8A OF THE SECURITIES ACT OF 1933 AND

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

In anticipation of the institution of these proceedings, Respondent has submitted an Offer of

Glen Andrew Folck was at all relevant times Chief Financial Officer of SmarTalk TeleServices,

Folck's job responsibilities also included preparation of the company's financial statements

In November 1998, as a result of the accounting issues discussed in this Order, as well as

When all of the restated items are taken into consideration, net income of $478,000 for the

These proceedings arise from materially false and misleading financial statements that

Additionally, in SmarTalk's year-end 1997 annual report, which included audited financial

As Folck knew or should have known, the entire restructuring reserve did not conform to

Also, as Folck knew or should have known, SmarTalk improperly understated current period