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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.