SEC Accuses Meridian Of $30M Accounting Gaffe

Law360, New York (October 2, 2007, 12:00 AM EDT) -- A holding company that booked a $30 million default judgment as revenue has been hit with a suit by the U.S. Securities and Exchange Commission, which has accused the company and two of its executives of violating Generally Accepted Accounting Principles.

In a civil suit filed Monday in the U.S District Court for the Central District of California, the SEC claims that Meridian Holdings Inc. listed a $30 million judgment as assets, despite the fact that “the defendants had no reasonable basis to conclude that the...
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