Tuesday, February 10, 2015

SEC Requiring CFO's To Personally Pay For Earnings Fraud

Last year the SEC charged Saba Software with falsifying time-sheets in order to meet quarterly goals. As a result, William Slater and Peter E. Williams III, the company's two CFO's over the time period -- Slater was CFO from December 2008 to October 2011 and Williams was CFO from October 2011 to January 2012 -- agreed to payback almost $500K to the company's investors. The two were not personally charged with the fraud, but under Section 304 of the Sarbanes-Oxley Act the two can be held responsible for the company's financial negligence. The former CEO is also expected to reimburse the company $2.5 million which is the amount of compensation made over the time period.

To read the original press release, click here.

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If you like what you're reading, please join my mailing list to receive blog posts and updates as they occur. If you're an investor with all of your assets tied up in the stock market and cash, you might want to consider a few diversification strategies. Gold is the oldest asset in the world and it's inflation proof. Bitcoin is the gold standard for the cryptocurrency world, which is the fastest growing asset class in the world. Diversifying your portfolio into one or both of these assets can help to insure your portfolio against a stock market crash or inflation. Most importantly, it can help to safeguard the gains you've made over the last 10 years.

Please note that there are other companies that sell gold and Bitcoin on the market, and you should always do your research when making decisions about your portfolio. Just like your personal health, if you're planning on having major surgery, you need to get a second, and sometimes a third, opinion. You want to make sure your surgeon is good and has performed the procedure many, many times.  In the same way, you need to trust your broker and you need to make sure they are reputable. This is the process I used when looking for a broker to recommend.

Full disclosure: RegalAssets compensates me for everyone I send their way, but I would receive compensation from any company I chose to recommend. The only broker I'm recommending is Regal, primarily due to its innovative product offering in my favorite commodities - gold, precious metals and cryptocurrency like Bitcoin. They also have a distinguished track record for success (see below).




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