Appointment Blogs | Compliance Week – Page 260
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Improving EITF to Improve Accounting Practice
FASB’s Emerging Issues Task Force turns 30 this year, and with that comes its third 10-year review of how the EITF should consider new accounting issues. This week, columnist Robert Herz offers his thoughts on where the EITF can improve, including what issues it addresses and voting practices to make ...
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Innocent Attorney Tries to Clear Name He Shares With Securities Fraudster
Itamar Cohen, age 52, of Thornhill in Ontario, Canada recently pleaded guilty in New Jersey to a $17 million stock fraud. This has created considerable stress and drama for Itamar Cohen, age 53, of Thornhill in Ontario, Canada -- an innocent attorney who is the victim of this unfortunate coincidence.
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FASB Proposes Changes to Stock Compensation, Equity Method Rules
FASB is proposing updates to accounting standards that would target complexity in the accounting for stock compensation plans and the equity method of accounting. The board has proposed eight measures to revise requirements around income tax consequences, classification of cash flows, and more. In addition, FASB seeks to eliminate the ...
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Basel Pitches Bank Rules to Remedy Interest Rate Shocks
The Basel Committee on Banking Supervision, with a consultative document released on Monday, is seeking public comment on proposals regarding what measures large banks should take, and how much reserve capital they should hold, to weather interest rate risks. More inside.
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Argument for Small-Company Compliance Exemptions
Image: Smaller public companies regularly lament that the costs of regulatory compliance are disproportionately large for them and serve little useful purpose for their investors. Sometimes those complaints aren’t worth more than a good eyeroll—but sometimes they have merit. This week, Editor Matt Kelly tells the tale of yet another ...
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SEC Settles Fraud Charges at Tech Firm
Computer Science Corp. has agreed to pay $190 million to settle charges by the Securities and Exchange Commission that the company and former executives concealed from investors problems with a high-profile client and manipulated financial results, in addition to fudging with accounting at overseas units.
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Morf Media Names Chief Compliance Officer
Morf Media, a compliance training company for the mobile workforce, has named Angela Bazigos as chief compliance officer and head of the life sciences business unit. In this role, Bazigos will help drive the company’s leadership initiatives in providing strategic compliance training software solutions to life sciences organizations around the ...
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SCOR Names Global Chief Compliance Officer
Global reinsurer SCOR has appointed Spencer Alridge as group chief compliance officer. He reports to Romain Launay, general secretary, effective as of June 1. Details inside.
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Lumber Liquidators Chief Compliance Officer (Quietly) Departs
Ray Cotton, chief compliance officer of Lumber Liquidators, apparently left the company in May, according to his LinkedIn page. The embatteld hardwood flooring company currently is under investigation by numerous state and federal agencies and is facing more than 100 class-action lawsuits after a 60 minutes report accused the company ...
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Vail Resorts Chief Accounting Officer to Retire
Vail Resorts has announced the planned retirement of Mark Schoppet, controller and chief accounting officer, effective upon the hiring of his replacement and the completion of a transition period. Details inside.
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Deutsche Post CCO Joins Nardello & Co.
Geoffrey Cruikshanks, former general counsel and chief compliance officer at Deutsche Post, has joined global investigations firm, Nardello & Co., as its chairman. He will be based in Brussels and London and will work to develop and implement the firm’s international growth strategy. Details inside.
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Socialware Opens Platform to Solve Social Media Risk Challenges
Socialware, a provider of social media risk management solutions for the enterprise, now makes it easy for third parties and partners to offer security, compliance, and brand protection solutions using key capabilities from the Socialware platform. Details inside.
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FinCEN Fines Tinian Dynasty Hotel & Casino $75 Mill on AML
The Financial Crimes Enforcement Network this week fined Tinian Dynasty Hotel & Casino, $75 million for “willful and egregious” violations of the Bank Secrecy Act. According to FinCEN, Tinian Dynasty failed to develop and implement policies and procedures designed to ensure anti-money laundering compliance, or to detect suspicious transactions. Details ...
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SEC 'Invites' ALJ to Submit Affidavit on Pressure to Find for Agency
Yesterday, the SEC issued an unusual order In the Matter of Timbervest LLC et al., an administrative proceeding currently before the agency. The Commission invited the ALJ in the case to file an affidavit addressing the existence of any pressure to rule in favor of the Division of Enforcement in ...
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Ingersoll Rand Names Chief Accounting Officer
Chris Kuehn joins Ingersoll-Rand as chief accounting officer, effective immediately. Kuehn will serve as the company’s principal accounting officer and be responsible for strategic leadership and oversight of financial reporting, operational finance and technical accounting at Ingersoll Rand. Details inside.
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FCA Appoints Two Key Executive Roles
The U.K. Financial Conduct Authority today announced the appointments of two key executive roles, with Mark Steward becoming the new Director of Enforcement and Market Oversight, and Barbara Frohn the new Director of Risk and Compliance Oversight. The FCA also announced three recent key director appointments. Details inside.
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Twitter Appoints New Chief Accounting Officer
Online social networking service Twitter has appointed Robert Kaiden as chief accounting officer, effective as of June 1. Details inside.
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SEC Offers Pay Ratio Rule Analysis for Public Comment
The SEC still has given no sign of a final pay ratio disclosure rule, but there is a new analysis from its Division of Economic and Risk Analysis that the Commission has made available for public comment. The analysis considers the potential effects of excluding different percentages of employees from ...
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SEC Sues Bulgarian Trader for EDGAR-Assisted Avon Stock Scheme
The SEC says it knows who was behind fake tender offers posted to its EDGAR database and is suing the Bulgarian man it claims is responsible. On June 4, the Commission filed a complaint in U.S. District Court against Nedko Nedev and firms he was associated with. He allegedly masterminded ...
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SEC's Pinterest Page Highlights Achievements of Women SEC Officials
The SEC has found another interesting use for its "Pinterest" page. It recently created a Women's History Month board on the popular social media site to help gather information and photos, and celebrate the achievements of many of the most influential women employees in in its history.