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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.