i On May 14, 2010, we dismissed Gately & Associates, LLC (“Gately”) as our independent registered public accounting firm. The Board of Directors of the Company approved such dismissal on May 14, 2010.
On June 26, 2009, Gately & Associates, LLC (the "Firm") and James P. Gately, CPA (together with the Firm, "Applicants") filed an application for Commission review of disciplinary action taken by the by the Public Company Accounting Oversight Board (the "Board"). The Board found that Applicants violated Board Rule 4006 by failing to cooperate with a Board inspection, and barred Gately from associating with any registered public accounting firm and permanently revoked the Firm's registration.
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The Commission Opinion concluded, after considering the public interest and the protection of investors, that revoking the Firm's registration and barring Gately from association are appropriate remedial sanctions. These same considerations support terminating the stay of these sanctions. As the Commission Opinion concluded, "[g]iven the nature and pattern of violative conduct reflected in this case, the revocation of registration and bar imposed by the Board are appropriate to protect the public interest in securing regulatory oversight over the activities of registered accounting firms."
Accordingly, IT IS ORDERED that the automatic stay of the Board sanctions imposed on Applicants pending the Commission's review be, and it hereby is, terminated.
For the Commission by the Office of the General Counsel, pursuant to delegated authority.
Elizabeth M. Murphy
Secretary
www.sec.gov/litigation/opinions/2010/34-63167.pdf |
