Word: sec
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Dates: during 1970-1979
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...SEC is clearly trying to set precedents that would expand its regulatory authority over company directors, the commercial paper market and independent auditors...
...SEC contends that Saunders, David C. Bevan, Penn Central's former chief financial officer, and other Penn Central managers arranged improper transactions between the railroad and its subsidiaries, improperly recorded revenue and made false statements about Penn Central's borrowings. The SEC is also attempting...
...Establish a doctrine that "outside" directors of a company (directors who are not company officers) must be alert to any suspicion of fraud. The SEC claims that three outside directors of Penn Central&* "had reason to know" that managers were misrepresenting the railroad's financial condition, but wrongfully kept quiet...
...Clarify the obligation of accountants to take a hard look at transactions that company managers ask them to approve. The SEC contends that Peat, Marwick failed to give "due professional consideration to the economic substance" of several Penn Central "transactions, schemes and ... devices." Peat, Marwick says the charges are "unfair...
...SEC is seeking only civil penalties-injunctions or consent decrees barring the defendants from committing the same acts again. But a federal grand jury in Philadelphia is investigating the possibility that some former Penn Central officers broke criminal laws and thus may be liable to jail sentences...