{"id":803,"date":"2007-06-26T15:16:41","date_gmt":"2007-06-26T20:16:41","guid":{"rendered":"http:\/\/www.sequence-inc.com\/fraudfiles\/2007\/06\/26\/read-todays-wsj-story-about-usana-carefully\/"},"modified":"2012-06-23T20:58:55","modified_gmt":"2012-06-24T01:58:55","slug":"read-todays-wsj-story-about-usana-carefully","status":"publish","type":"post","link":"https:\/\/www.sequenceinc.com\/fraudfiles\/read-todays-wsj-story-about-usana-carefully\/","title":{"rendered":"Read Today&#8217;s WSJ Story About Usana Carefully&#8230;"},"content":{"rendered":"<p>This afternoon the Wall Street Journal ran a short piece entitled: &#8220;Probe Into Usana Officials Ends With Settlement.&#8221; Lots of people apparently got excited at this headline, and interpreted it as complete vindication for Usana Health Sciences.<\/p>\n<p>Alas, nothing could be further from the truth. The SEC is still looking into the company.<\/p>\n<p>This article deals with the fact that Usana&#8217;s CEO Gilbert Fuller and the board of directors &#8220;audit committee financial expert&#8221; Jerry McClaim both called themselves CPAs when they were not.<!--more--><\/p>\n<p>The truth is that Gil and Jerry both admitted to breaking the law, as shown in these &#8220;Cease and Desist Stipulation and Order&#8221; Documents. <a href=\"http:\/\/www.sequence-inc.com\/fraudfiles\/wp-content\/uploads\/2007\/06\/GilFuller.pdf\">Gil Fuller&#8217;s<\/a> specifically says:<\/p>\n<ul>\n<li>Between 1996 and June 2007 Respondent represented himself as being a certified public accountant in the State of Utah on a number of annual reports and proxy statements for USANA, for which Respondent was Chief Financial Officer.<\/li>\n<li>Respondent&#8217;s license to practice as a certified public accountant in the State of Utah expircd in 1986.<\/li>\n<li>Respondent admits that Respondent&#8217;s conduct described above is <strong>unlawful conduct <\/strong>as defined in Utah Code Ann. 58- 1-50 1 (l)(a), and that said conduct provides a basis for the Division to issue an Order restraining Respondent from representing himself as a certified public<br \/>\naccountant in the State of Utah pursuant to Utah Code Ann. 5 58-1 -40 l(4).<\/li>\n<\/ul>\n<p>And <a href=\"http:\/\/www.sequence-inc.com\/fraudfiles\/wp-content\/uploads\/2007\/06\/JerryMcclain.pdf\">Jerry McClain&#8217;s<\/a> says:<!--more--><\/p>\n<ul>\n<li>Between 2004 and June 2007 Respondent represented himself as being a certified public accountant in the State of Utah on a number of annual reports and proxy statements for USANA, for which Respondent was its &#8220;audit committee financial expert&#8221;.<\/li>\n<li>Respondent&#8217;s license to practice as a certified public accountant in the State of Utah expired in 2004.<\/li>\n<li>Respondent admits that Respondent&#8217;s conduct described above is <strong>unlawful conduct<\/strong> as defined in Utah Code Ann. 58-1-501(1)(a), and that said conduct provides a basis for the Division to issue an Order restraining Respondent from representing himself as a certified public<br \/>\naccountant in the State of Utah pursuant to Utah Code Ann. 5 58-1 -401(4).<\/li>\n<\/ul>\n<p>The explanation by Usana for this is ridiculous. As reported by WSJ:<\/p>\n<blockquote><p>Usana said such representations are commonplace. By the company&#8217;s count, 11 of the largest 20 public companies in Utah incorrectly describe an official as a CPA. In a letter to Utah authorities, Usana said it had &#8220;no intent to deceive but rather to follow what we thought was the proper practice to indicate that Mr. Fuller and Mr. McClain had passed the CPA exam.&#8221;<\/p><\/blockquote>\n<p>Don&#8217;t let Usana fool you. What they did is not okay. It is &#8220;unlawful,&#8221; as they acknowledged today, and no &#8220;they did it too&#8221; excuse can undo that.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This afternoon the Wall Street Journal ran a short piece entitled: &#8220;Probe Into Usana Officials Ends With Settlement.&#8221; Lots of people apparently got excited at this headline, and interpreted it as complete vindication for Usana Health Sciences. Alas, nothing could [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[827],"tags":[52,1178],"class_list":["post-803","post","type-post","status-publish","format-standard","hentry","category-public-companies","tag-usana-health-sciences","tag-gil-fuller"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p6Z0e-cX","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts\/803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/comments?post=803"}],"version-history":[{"count":0,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts\/803\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/media?parent=803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/categories?post=803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/tags?post=803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}