Auditors have a duty to correct a false audit report

This information was posted Monday on Blawgletter: The Second Circuit today held an auditor potentially liable for federal [tag]securities fraud[/tag] if it doesn’t correct a false or misleading report on its [tag]audit[/tag]. The court said: The precise issue on appeal is whether an auditor may incur primary liability under § 10(b) and Rule 10b-5 when … Read more Auditors have a duty to correct a false audit report

Restraining Order Issued Against Michael McGee (Jackson)

Milwaukee alderman Michael McGee (Jackson) has been issued a restraining order for harassing Leon Todd, a man involved in the effort to recall McGee/Jackson and to expose him for the thug and scofflaw that he is. McGee/Jackson is notorious for his criminal behavior, and these threats come as no surprise. The restraining order is currently … Read more Restraining Order Issued Against Michael McGee (Jackson)

Online steroid ring busted

Two facilities in Florida were raided in a steroid bust, and four people were arrested as a part of it. The raids happened at two Signature Pharmacy stores, and the company officials arrested were charged with criminal diversion of prescription medications and prescriptions, criminal sale of a controlled substance and insurance fraud. The four officials … Read more Online steroid ring busted

McAfee’s former general counsel indicted

Kent Roberts, the former general counsel at McAfee Inc. (fka Network Associates) was charged with seven criminal counts of fraud, nine months after being fired for improper handling of stock options. The charges include manipulating the value of his own stock options to increase his profits and then falsifying records to cover up this misconduct. … Read more McAfee’s former general counsel indicted

Starting a Business — And Not a Legal Battle

How to quit your job, compete with your old boss, and not get sued

Entrepreneur.com
By Geoff Williams

Some bridges are merely burned. Others are scorched.

Elaine Browne and her business partners, Federico Lupo and Dario Arias, knew the latter applied to them shortly after opening their New York City hair salon, Trillium. “We found out we were being sued during our second week when the affidavit came,” says Browne. “We were shocked.”

The reason for the lawsuit? Browne, Lupo and Arias, sensitive types who will only cop to being in their 30s and 40s, worked together for years at a hair salon known as the John Sahag Workshop before collectively quitting and creating a new company–effectively competing with their former salon.

It’s a common gripe among many business owners. You hire employees, teach them everything you know and groom them for a long future at your business. Then one day, they’re out the door, starting their own business with an indirect mission: to compete with you.

Read moreStarting a Business — And Not a Legal Battle

Sanyo being investigated for possible accounting fraud

Japanese authorities are looking into the accounting practices of Sanyo Electric Co. The Securities and Exchange Surveillance Committee is investigating the company for allegedly misrepresenting losses in its results for the fiscal year ended March 2004. Sanyo had ?190 billion ($1.56 billion) in losses to book, but only booked ?50 billion of losses for that … Read more Sanyo being investigated for possible accounting fraud

Milwaukee Alderman Michael McGee Jackson Becomes Delusional

Since he can’t cry “racism” regarding his opponent in the upcoming recall election, Michael McGee Jackson is now resorting to accusing mythical figures of wrongdoing. The current alderman, with a history of very public acts of criminal behavior, is upset that the recall initiated by ViAnna Jordan is going forward. However, he has dropped his challenge of the recall itself.

Read moreMilwaukee Alderman Michael McGee Jackson Becomes Delusional

Prison inmates getting unemployment benefits

Two Wisconsin prisoners have been getting unemployment benefits, to the tune of $2,697 last year. State auditors were comparing Department of Corrections prisoner data to unemployment data, to see if there was any overlap. Prisoners are not eligible to collect unemployment benefits because they do not meet the “available for employment” test. According to the … Read more Prison inmates getting unemployment benefits

Diamond Jim on Taxes: Increase, Increase, Increase

There was never a tax increase that Wisconsin Governor Jim Doyle didn’t like! Here’s the list from his latest budget: Tax on a pack of cigarettes: from $1.25 to $2.02 Vehicle registration fees: from $55 to $75 Driver’s license fees: from $24 to $34 Property taxes: they can go up as much as 4%, which … Read more Diamond Jim on Taxes: Increase, Increase, Increase