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Microcap & Penny Stocks : Scambusters
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To: Larry Holmes who wrote (127)5/19/1998 2:19:00 AM
From: paulmcg0  Read Replies (1) of 178
 
[Is there anything in this process which prevents the company or its officers from simply filing false financials?]

I need to do some more research on what the exact consequences are. I did some research on IPOs recently and I know that if the SEC thinks that your financial reports are odd, they can prevent your company from going public. From what I've read, company officers and the firm's accountants (auditors) can be sued, and face civil or criminal penalties for filing false financial reports.

As an example, here's a recent case from the SEC's Division of Enforcement: sec.gov . In this case, the SEC "seeks permanent injunctive relief, disgorgement of ill-gotten gains, civil money penalties, an order barring Toll and Edmondson from positions as officers or directors of public companies, and other relief."

By the way -- it's nice to see you back online.

Paul M.
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